The government pledged $2 billion to R&D through a series of tax incentives as part of its federal budget last month, to support Australian companies to undertake additional research and development activities.
After the incentive passed Parliament in October, the government has now published “straightforward and accessible advice” for businesses accessing the measure.
Minister for Industry, Science and Technology Karen Andrews said the guide is just one of the ways the government is supporting businesses.
“We’re focused on getting the economic conditions right so Australian businesses can thrive, which is crucial to our recovery from the COVID-19 recession,” Minister Andrews said.
“By giving greater clarity to the scope of eligible activities under the R&DTI legislation, we’re supporting more Australian companies to self-assess their R&D activities against the criteria and offset some of the associated costs.”
The guide, she said, was refreshed in consultation with business and tax agents and features plain English, less duplication, and helpful diagrams and examples, together with content aligning with recent Federal Court and Administrative Appeals Tribunal (AAT) decisions.
“Alongside reforms announced in the recent budget, providing clearer guidance material helps give companies the confidence and certainty to invest in the kinds of R&D that boosts our economy and creates highly skilled jobs right across Australia,” Minister Andrews said.
“We know that companies that conduct R&D are often more successful and contribute to economic growth at a higher rate.”
The guide can be accessed here.
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