In launching the National Innovation and Science Agenda last year, the Australian Government announced that they would be undertaking a review of the Research and Development (R&D) Tax Incentive programme to make it better accessible to the business sector. At present, the review is currently underway and it is expected to report to Government in April 2016. Proposing the question, does Australia’s R&D Tax Incentive need changing? The Current Performance In its current form, Australia has a competitive R&D tax […]
From finding a $20 note in your back pocket to discovering a gold mine of spare change lurking in the cushions of your sofa, undeniably, the act of finding money is exhilarating. Your mind wanders as you begin to envision the endless possibilities available to you and your new found money. However, in the back your mind, a lingering voice pries, “are there other saving opportunities I may be missing out on?’ As a start-up you may be disregarding savings […]
When it comes to policies bridging the gap between the ‘laboratory’ and the marketplace, companies will typically look to either grant funding or tax incentives. Previously, we’ve delved into the differences between government grants and the Research and Development (R&D) tax incentive in Australia. However, where support for R&D is called for, an important question remains: should reliance by placed on cash support (grants), or on the tax system as a mechanism to deliver credits or allowances (or a combination […]
Ultimately, investing in research and development (R&D) is key to increasing innovation, productivity and competitive advantage. It is not only beneficial for businesses, but is also advantageous for the economy of our country. In fact, for many multinational companies, Australia has become the centre of their global R&D activities. This is primarily due to a highly skilled workforce, suitable infrastructure and a favourable R&D tax incentive program. Australia’s R&D Tax Incentive, which has replaced the R&D Tax Concession since the 1st of […]