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.
The R&D Tax Incentive was introduced in its current form in 2011, but has roots back to its inception in 1986. The Incentive offers businesses with turnover less than $20m a refundable tax offset that has made the difference between success and failure on more than on occasion. Moreover, it is 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.
Here we look into 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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