info@bsi.com.au

Level 7, 14 Martin Place, Sydney NSW

Published

What We Do?

  • R&D Tax Incentives
  • Export Market Development Grants
  • Government Grants
  • Innovation Advisory

What We Do?

  • R&D Tax Incentives
  • Export Market Development Grants
  • Government Grants
  • Innovation Advisory

‘Australia 2030: prosperity through innovation’ report, an Innovation and Science

The 2030 Plan is made up of three key sections:

  • Section A explains the vision, need and opportunity for Australia to improve its innovation and science performance by 2030
  • Section B identifies with five key policy imperatives for action where government can catalyse more investment and activity, (education, industry, government, research and development, and culture and ambition) and puts forward 30 recommendations based on these imperatives
  • Section C proposes a roadmap for implementation of the plan and includes a complete summary of the recommendations

Of particular interest to the R&D community are the following recommendations:

  • Implement all recommendations of the 2016 Review of the R&D Tax Incentive click here for summary, with the following adjustments:
    • Adjust the cap of the annual cash refund payable to $4 million and introduce a maximum cumulative refund of $40 million per company
    • Set the intensity threshold at 1% of total annual expenditure, such that all R&D expenditure is claimable (subject to other limits) once the trigger level is reached
  • Prioritise new and redirected investment in stimulating business R&D to programs that directly support activity in areas of competitive strength and strategic priority (e.g. Cooperative Research Centres – CRCs, CRC Projects, Entrepreneurs’ Programme and Industry Growth Sectors)
  • Introduce a collaboration premium of up to 20% on non-refundable tax offset to incentivise collaboration (as per the recommendation put forward in the Review of the R&D Tax Incentive)
  • Increase funding for the Export Market Development Grant (EMDG) programme and investigate how to direct a larger proportion of funds to high growth businesses