The Government is committed to helping Australian businesses innovate using technology by piloting a new user-focused approach to simplify the language and advice provided to ICT users of the Research & Development Tax Incentive.
The Department of Industry, Innovation and Science will engage a range of sectors to co-design the development of new advice. The aim of the process is to develop advice that helps business understand when they can and cannot access the scheme.
The R&D Tax Incentive is an important component of the innovation ecosystem and we want to make it easier for businesses to understand the program’s requirements.
The incentive helps offset some of the cost of conducting eligible research and development activities.
It currently helps around 15,000 businesses every year with tax offsets worth more than $3 billion to do research and develop new products or services.
As part of an ongoing process to improve accessibility to the Research & Development Tax Incentive scheme my department has also simplified the R&D content on the business.gov.au website.
The new layout of the website helps businesses find the information they need more easily.
Making it easier for businesses to undertake quality research and development activities is crucial in driving Australia’s productivity.
My department has already consulted with a number of businesses, which are participating in the R&D Tax Incentive, to gain valuable insights into their experience with the program.
Over the next few months the department will continue to work with a range of stakeholders to develop guidance which empowers businesses to confidently self-assess their eligibility for the program.
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