R&D Tax Incentive Review report released for consultation

The Turnbull government has announced the findings of the R&D Tax Incentive Review and is now encouraging feedback from stakeholders.

Undertaken by Chair of Innovation Australia Bill Ferris, Australia’s Chief Scientist Alan Finkel and Secretary to the Treasury John Fraser, the review was conducted in order to identify opportunities to improve the effectiveness and integrity of the R&D Tax Incentive. It includes recommendations to improve the effectiveness and integrity of the program, including encouraging additional R&D expenditure and improving business-research collaboration.

Submissions on the report are now open to Australia’s R&D community, businesses and industry groups and other stakeholders, to be accepted until 28 October. These will be accompanied by industry and state-based roundtables in all states and territories.

The government will hold further discussions after all submissions have been received, during November and December. It will then respond as part of a broader National Innovation and Science Agenda second wave, with the intention of finalising a 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.