THE Federal Government is seeking feedback from Australia’s research and development (R&D) community, businesses and industry groups and other stakeholders on R&D Tax Incentive Review findings released in late September.
The review was undertaken by Chair of Innovation Australia Bill Ferris, Australia’s Chief Scientist Alan Finkel and Secretary to the Treasury John Fraser, to:“Identify opportunities to improve the effectiveness and integrity of the R&D Tax Incentive, including by sharpening its focus on encouraging additional R&D spending.”
The R&D Tax Incentive aims to boost the quality and quantity of R&D undertaken by industry to drive productivity and growth.
Prime Minister Malcolm Turnbill said the Tax Incentive system is a fundamental part of Australia’s R&D system and accounts for around one-third of the Turnbull Government’s support for innovation.
In 2013–14, around 13,700 entities generated $19.5 billion of R&D at an estimated cost to government of around $3 billion.
The review includes recommendations to improve the effectiveness and integrity of the programme, including encouraging additional R&D expenditure and improving business-research collaboration.
The report will be considered in three phases:
First, submissions are invited from now until October 28, 2016. This will be accompanied by industry and state-based roundtables in all states and territories.
Second, the Government will hold further discussions after all submissions have been received, during November and December.
Finally, the Government will respond as part of a broader National Innovation and Science Agenda second wave, with the intention of finalising our response before the end of March 2017.
The review report and further information about the consultation process are available at: https://www.business.gov.au/rd-review