Industry watchdog appointed to oversee R&D Tax Incentive

A new Advisory Committee has been appointed to help government gauge the effectiveness of its new R&D Tax Incentive.

The Committee has reportedly been made up of experts from small businesses and industry, who will oversee the new Incentive as it is rolled-out to manufacturers.

According to Innovation Minister Senator Kim Carr, the new Advisory Committee will ensure the R&D Tax Incentive is achieving its goal – to help manufacturers invest in developing new technologies and products.

Through the Committee, manufacturers will be able to advise government on how – and if – it is working.

“The new R&D Tax Incentive is a huge opportunity for Australian firms and researchers. It is an incentive for our creative firms and individuals to invest in new ideas, products and services. It is also a key opportunity for researchers to connect to industries,” Senator Carr said. 

“This Incentive is the biggest change to the way we support R&D in a long time and it is important that we get it right. This committee of experts will monitor the performance of the program and provide advice to Government on its implementation and operation.”

The R&D Tax Incentive was announced earlier this year as a targeted tax offset designed to encourage more companies to engage in research and development in Australia.

Innovation Australia chairman, David Miles AM, will chair the advisory committee.

The Advisory Committee will be responsible for canvassing a broad range of views on the operation of the R&D Tax Incentive.

It will consider program performance data and analysis provided by the Department of Innovation, Industry, Science and Research and the Australian Taxation Office.

Other committee members include: Nicholas Gruen – Principal, Lateral Economics (newly appointed to the Innovation Australia Board); Innes Willox – Director, International and Government Relations at Australian Industry Group (newly appointed to the Innovation Australia Board); Dr Anna Lavelle – CEO of AusBiotech; and Sam Turnbull – CEO of Flipscreen, an SME based in rural NSW.

To find out more about the R&D Tax Incentive, including how to apply, read this article.