United States
“Innovation” has become a bit of a buzz word in Australia, with the Turnbull government focusing on an innovation agenda to create jobs in Australia. Without a doubt, innovation is a key driver of business success and can help drive the economy forward. As Bill Gates famously said, “never before in history has innovation offered promise of so much to so many in so short a time”. 
However, is Australia as innovative as one would hope? A recent NAB Innovation Report Summary revealed just 13% of all firms rate Australia as “highly innovative”. The report further notes that “the number one motivation for innovation across the economy and for SMEs and ASX300 firms is to drive growth and revenues” Indeed,these elements are important and research and development (R&D) can often boost revenue by investing in new opportunities. Moreover, it is no hidden fact that customers today demand more for their dollar, they expect higher levels of service and greater productivity. Businesses that don’t adapt to change and are content to ‘do it the way they have always done’, effectively put their long-term survival in danger. One way of combating this is R&D, which can involve investigating improved products and services, more efficient processes, new methods of delivering services and other innovative strategies to get ahead of the competition. Ultimately, R&D is a prime example of innovation and can drive a company forward.
The fact is that many businesses are creating change, researching, developing or innovating, but are unaware that there is a substantial amount of government funding available. A common misconception is that R&D funding is only preserved for those in white coats. This is not the case, as each company engages in unique types of research and development within their business. In fact, the government encourages businesses within Australia to conduct R&D by offering R&D Tax Credits. Perhaps you could be claiming cash back for the research and development projects you’ve invested in? Innovation can create new opportunities for your business and allow for the creation of new products or solutions. Contact us today to see if you are eligible to claim the R&D Tax Relief.
