A government review of the research and development (R&D) tax incentive program is set to be carried out by the Centre for International Economics.
R&D tax incentive review established
Submissions for the review will now be taken, with mid-sized businesses urged to highlight the importance of research and development in fostering growth and innovation within their sector.
Sukvinder Heyer, national leader of R&D tax, Grant Thornton, stressed the importance of participating in the review.
“This review provides an important opportunity for mid-sized businesses to provide feedback on the value of innovation incentives to remain competitive in a global economy,” said Ms Heyer.
Ms Heyer noted that mid-sized businesses had “really missed out” in the most recent federal budget: “Technology, life sciences and manufacturers turning over more than $2 million faced a reduction in the R&D tax incentive as a result of this year’s federal budget. Now is the time to speak up and highlight the value of these much needed incentives”, Ms Heyer said.
She also noted that Grant Thornton aims to provide a platform for the opinions of mid-sized business.
“We will be working closely with our clients to ensure the voices of mid-sized businesses are heard. We want to see quarterly refunds back on the table and stability in the rate restored so that these businesses can properly plan their innovation programs,” Ms Heyer concluded.