R & D is the abbreviation of Research and Design. In a recent statement, Australia’s Business Council welcomed the release of the R&D Tax Incentive Review for comment, and stressed the importance of research and development.
Government support for research and development is a critical component in the Australian innovation system. The R&D tax incentive can be the basis for firms to make long-term investments in Australian economy, which will drive productivity and economic growth.
For companies, they can get up to 45% of their R&D expenditure from the ATO.
Knowing how to make the most of this and other government programs and taxation regimes is essential for any organization that wants to pursue innovation.