R&D Tax Credit to help small to medium firms
An independent economic analysis of the Federal Government’s Research and Development Tax Credit has verified that the scheme is set to assist small and medium sized firms grow their businesses.
The Australian Business Foundation’s report The BERD in the hand: Supporting Business Investment in Research and Development, details that the number of high-skill, high-wave jobs will increases as a result of the introduction of the R&D Tax Credit policy.
"The report looks at the merits of the Credit and confirms it is an improvement on the current R&D Tax Concession. It says the policy behind the Credit is sound and urges its immediate introduction because further delays will have a negative impact on the R&D activities of small and medium sized firms," Federal Innovation Minister Senator Kim Carr said.
The package includes the $1.2 billion Clean Technology Program, administered by the Department of Innovation, Industry, Science and Research, which will power research, development and commercialisation of clean technology products, processes and services in the manufacturing sector.
Further to this, the Government will pursue a Steel Transformation Plan worth $300 million over five years which, led by the Innovation Department, will encourage investment and innovation in the Australian steel industry.
The full report can be downloaded here