“Innovate or Die” – the saying has become somewhat of a proverb of late in Australia as Turnbull pushes forward his Innovation Agenda in 2016. However, should the motto be “collaborate or cease” instead? To elaborate, last week an Issues Paper (PDF 611KB) was released reviewing the Australian R&D Tax Incentive. The review confirms that Australian businesses still have the lowest rates of the OECD pack when it comes to R&D collaboration with universities and other research organisations. In specific, fewer […]
If you are a firm who uses technology as a foundation for creating new or improved products or services – and the development involves investing in a degree of experimentation or prototyping – there’s a high likelihood you may be eligible for the R&D Tax Incentive. However, the fact remains that there is still quite a bit of confusion around what can and cannot be claimed. In one of our previous posts, we discussed what the ‘non core’ R&D Tax Incentive activities […]
Internationally, governments are increasing indirect support for business R&D, particularly by the way of tax incentives. For instance, by 2011 almost 80 per cent of OECD countries had some form of R&D tax incentive in place. Hence, in a globally mobile business world, R&D investment is considered to be a key factor in enhancing skills, jobs and economic growth. Governments around the globe have and continue to increasingly recognise the attraction of tax benefits to encourage companies to invest in high-value, knowledge […]
In 2015-16, the Government is investing approximately $9.7 billion in research and development (R&D). Notably, around $3.2 billion of this amount specifically funds the business sector R&D. In launching the National Innovation and Science Agenda last year, the Australian Government announced that they would be undertaking a review of the R&D Tax Incentive programme to make it better accessible to the business sector. Accordingly, the review of the R&D Tax Incentive will identify opportunities to improve the effectiveness and integrity […]