Innovation Science Australia 2030 Strategic Plan
Innovation Science Australia issued their 2030 Strategic Plan on 29th January 2018.
This report has highlighted several areas of potential improvement and innovation across all industry sectors. Of particular interest are the proposed changes and amendments to government funding programs and incentives available to Australian businesses, including the following:
- Research & Development
In recent years, R&D investment by Australian businesses has notably decreased from 1.37% of total national GDP in 2008 to 1.01% in 2015.
In a bid to increase research and development activities and expenditure in the private sector, the ISA 2030 Strategic Plan has proposed introducing a collaboration premium to the Research & Development Tax Incentive, which would entail a premium of up to 20% on non-refundable tax offsets for companies engaging higher education institutions for assistance with eligible R&D projects.
Additional recommendations include capping the maximum R&D tax offset at $4m per year and $40m over the lifespan of the company, and introducing a minimum trigger point of 1% of total annual expenditure for companies claiming a non-refundable tax offset.
- Export Opportunities
The Export Market Development Grant (EMDG) offers Australian businesses access to generous reimbursements for expenditure relating to the marketing and promotion of eligible services and goods to certain overseas markets. The ISA 2030 Strategic Plan has recommended an increase of accessible funding under this scheme, increasing the overall benefit for successful applicants.
Should you have any questions about any of the above topics, please do not hesitate to call the Saving Point grants team on (03) 9555 3551.