Australia is one of the world leaders in innovation and R&D, but our current tax system fails to reflect the challenges of a competitive global economy, especially as it relates to domestic biotechnology and manufacturing. Recently, the Abbott Government pledged to explore ‘patent box’ in Australia. The patent box Australia concept has already been adopted by many European countries and is currently before Congress in the U.S. These schemes provide reduced tax rates on income attributable to patented IP. The Patent Box will […]
Swanson Reed welcomes ‘The Coalition’s Policy to Boost the Competitiveness of Australian Manufacturing’ with its support for a “new approach” to manufacturing and policy improvements to the R&D Tax Incentive. Tony Abbot and the Coalition has placed a completely different emphasis on the importance of increased commercial R&D in Australia than that of the Labor Government. In 2014, the Coalition plans to make changes to the R&D Tax Incentive program, including: A review of businesses over $20 Billion turnover program […]
Australian resource company KBL Mining has advised it is lodging an R&D Tax Incentive claim for the 2011-12 financial year. The claim is for some AUD$12.5 million for R&D activities in process development. For the 2010 and 2011 financial years KBL received an R&D cash rebate of $1.1 million. Eligibility for the rebate is subject to the Company meeting all relevant taxation eligibility criteria for obtaining a refundable tax offset and the claim may be reviewed by either the Australian Taxation […]
A report of Australian clinical trial costs is flawed according to Industry claims. The report on the global competitiveness of 14 countries came out this time last year, in which Australia was ranked as the second most expensive country to run clinical trials. Australian R&D Industry representatives are now making noise in response to the report. The report rankings were based on areas such as labour costs, transport, facility lease costs and utilities such as electricity. Exact data sources are unclear […]