How tax incentives are helping R & D in Australia

By Harry Allan

In a recent statement, Australia’s Business Council welcomed the release of the R&D Tax Incentive Review for comment, and stressed the importance of research and development.
 

“Government support for research and development is a critical component in the Australian innovation system,” Business Council Chief Executive Jennifer Westacott said.

One in ten of Australia's workers are employed in a company that is a Business Council Member - it counts accenture, BHP Billiton, and CISCO among its prominent members. 

“Australia has a strong record when it comes to pure research, and companies like CSL, Resmed and Cochlear have successfully turned research into commercial success. However, we can do more to translate local research and innovations into commercial opportunities.”

The objective of the Review was to identify opportunities to improve the effectiveness and integrity of the R&D Tax Incentive, which is fundamental to shaping the Australian economy.

“The R&D tax incentive can be the basis for firms to make long-term investments in our economy, which will drive productivity and economic growth.
 

“Changes to the structure of the R&D tax incentive must be carefully considered as they would have a powerful impact on businesses in Australia, both small and large.

“The Government also needs to be mindful of sustaining Australia’s international tax competitiveness and the importance of collaboration between business and publicly-funded research bodies.

“No doubt, there will be diverse views on what balance will achieve the best outcomes. What matters is we have an open, constructive discussion on the policy settings that will drive our economy, and the job opportunities that can flow from innovation.

“We welcome the opportunity to engage with Government on those settings.”
 

Business Review Australia & Asia's September issue is live. 

Follow @BizReviewAU and @MrNLon on Twitter. 

Business Review Australia is also on Facebook. 

Share

Featured Articles

Twitter timeline – how Musk pulled off a hostile takeover

Elon Musk strikes deal to buy Twitter for US$44bn following four months of cryptic tweets, secret meetings and buying of shares – here’s the timeline

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

From Tokyo to Bangkok, with cuisines spanning Cantonese, Thai and German, we highlight Asia’s top 10 places to eat, as per Asia’s 50 Best Restaurants

Microsoft: what Asia leaders need to know about hybrid work

Microsoft’s 2022 Work Trend Index guides Asia leaders to navigating a hybrid future – from making the office worth the commute to rebuilding social capital

Meet the company: EV Nio to list in Hong Kong, enter Europe

Leadership & Strategy

12 Tech trends to watch closely in 2022, from CB Insights

Technology

Why Deloitte Australia’s HR technology is winning awards

Human Capital