Australian offers more incentive for R&D10 July 2012The Australian Government has bolstered its support for innovation announcing a tax incentive to assist Australian firms invested in research and development. Under the R&D Tax Incentive, innovative Australian companies from any sector can register to offset the cost of their eligible research and development activities in the 2011-12 financial year. The incentive offers significantly more assistance for innovative Australian companies as compared to the Government’s former R&D Tax Concession. Launching the incentive last week, Australia’s Minister for Industry and Innovation, Greg Combet, said the easy-to-access tax offset for innovation would boost productivity and support Australia’s competitive business environment. “The R&D Tax Incentive is a generous, targeted, and easy to access program that offsets some of the costs of doing R&D so that more businesses innovate," said Mr Combet. "More businesses doing R&D will strengthen Australia's innovation culture and secure our nation's economy into the future." More information |