RSM: Australia’s R&D tax incentive Report

Research & development is a key engine of economic growth and competitiveness for many nations, including Australia.

It can develop new products or improve existing ones and improve the efficiency of an industrial process, allowing companies to survive and thrive in competitive international markets.

Australia’s R&D tax incentive – which provides a tax refund for smaller companies and a tax offset for larger companies – has a number of objectives

Firstly, the Government wants to encourage companies to carry out R&D they wouldn’t have otherwise carried out as well as stimulate economic growth through a couple of key concepts.

Secondly, it’s important for Australia’s R&D system to remain competitive, otherwise companies may take their work offshore to more tax advantageous jurisdictions. It aims to help more expensive jurisdictions better compete with others where costs and wages are lower or tax rates are preferential.

In this report, we perform a review of the last 10 years of the Australian R&D tax incentive, follow its evolution and identify areas for reform.

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