Statement: Review of the R&D Tax Incentive
Statement from the report co-chairs: Bill Ferris, Alan Finkel and John Fraser
We welcome the release of the Review of the R&D Tax Incentive by the Australian Government.
We are pleased that it is now publicly available and there is an opportunity for submissions and consultations until 28 October, 2016.
This review was informed by more than 90 thoughtful and considered submissions and consultations with leaders of business and research.
As the review highlights, the panel found that the R&D Tax Incentive could do more to encourage additional research and research spillovers into other sectors.
The review panel has made six recommendations aimed at improving the performance of the programme and enabling its long-term continuation.
Three of these recommendations encourage research that would otherwise not take place, known as 'additionality’. These include providing extra incentives for businesses to hire PhD graduates and to collaborate with Australia’s world class research institutions.
The other three recommendations seek to strengthen the integrity and effectiveness of the programme, including through reducing compliance costs for companies.
The R&D Tax Incentive is, and should remain, an important investment in a prosperous future for Australia.
The review and further information about submissions and consultations can be found via business.gov.au/rd-review.
Bill Ferris AC, Chair of Innovation Australia
Dr Alan Finkel AO, Australia’s Chief Scientist
Mr John Fraser, Secretary to the Treasury
Media Enquiries: Tim Powell, Office of Innovation and Science Australia, 0455 046 129 or email@example.com.
28 September 2016.