As Australia transitions from a resource-based economy to a knowledge-based economy, fostering a culture of innovation is vital to remaining globally competitive. Supporting this is the Research and Development (R&D) Tax Incentive, which is designed to encourage and boost innovation in business, regardless of industry.
In this article, KPMG partner David Gelb explores how the R&D Tax Incentive is helping Australia’s innovation ecosystem and how it has made the difference between success and failure for business on more than one occasion. Despite recent reductions to the benefit, it remains one of the most powerful drivers of innovation activity in the private sector with a positive correlation between the R&D Tax Incentive and GDP.
This article discusses the relationship between the National Innovation and Science Agenda (NISA), the R&D Tax Incentive, Australia’s innovation ecosystem, and how organisations can best participate in this space.
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