Want to find out what the latest budget holds for you and your business?
Gold Coast Innovation Hub Partner, RSM Australia, have summarised the highlights of the budget for individuals and businesses in an easy to follow webpage and downloadable report.
For the innovation sector, RSM see the Key Tax Considerations of the Australian Innovation Economy to be “Where to next?” for the R&D Tax Incentive, and “When will we actually see it in play?” in relation to the Patent Box Regime.
The summary reveals that after suggested tweaks to the R&D Tax Incentive becoming a part of the furniture for Federal Budgets over the past decade, there are no suggested changes to the program in this Budget. This is a good thing, and will be crucial for stability after major changes were introduced into law from 1 July 2021 and the Government authorities have recently implemented a much welcome early engagement model to compliance.
The proposed Patent Box Regime announced in the 2021-22 Federal Budget was not mentioned in this Budget, which is disappointing as it presents an opportunity to bring Australia in line with many of its OECD counterparts in terms of taxing profits arising from R&D.
You can read more about the above budget areas and learn more about direct funding commitments for specific innovation industries, including the technology sector, by viewing their summary report at the link below.