Aussies Boost R & D Incentives

Foreign companies will be able to claim 40 cents for every dollar invested in research and development under new rules to be introduced by the Australian government.

Senator Kim Carr, the minister for innovation, industry, science and research, said companies would be eligible even if the intellectual property were owned outside Australia. “This is the biggest increase since records began and the biggest change to business innovation support in more than a decade,” he said.

The 40 per cent tax credit, to be introduced from July next year, would offer “more generous and more predictable incentives for doing R&D in Australia”, he told the Financial Times on Sunday.

The scheme, to be managed through the Australian tax-return system, would have no turnover limit.

I hope someone at the Beehive is watching.................