5 December 2019

Investment certainty a step closer with R&D Bill

The Research and Development Tax Incentive Bill tabled in parliament today marks an important step forward in providing certainty to businesses about the future direction of Australia’s research and development tax incentive, according to the Australian Investment Council.

“The Government made a decision some time ago to scale-back the scope of the R&D program. Our consistent message over the past two years of uncertainty in this area has been that Australia’s R&D program must continue to be globally competitive, and that the regime must retain its position as the central policy around which the nation’s innovation ecosystem is built.

“A competitive and sustainable R&D program is an essential ingredient in supporting new and additional innovation within today’s businesses. We need businesses to innovate, and by doing that, to be more productive and globally competitive,” said Yasser El-Ansary, the Council’s Chief Executive.

“Over coming weeks the Council will work closely with its members and stakeholders within parliament to ensure that this proposed legislation strikes an appropriate balance between the government’s policy objectives, and the need to support high growth emerging businesses who will drive the next wave of economic and employment growth across Australia,” Mr El-Ansary added.