{"id":813,"date":"2015-12-08T05:53:16","date_gmt":"2015-12-08T05:53:16","guid":{"rendered":"http:\/\/ausgrant.com.au\/?p=813"},"modified":"2016-02-29T23:42:48","modified_gmt":"2016-02-29T23:42:48","slug":"the-innovation-statements-impact-on-tax","status":"publish","type":"post","link":"https:\/\/ausgrant.com\/au\/the-innovation-statements-impact-on-tax\/","title":{"rendered":"The Innovation Statement\u2019s Impact on Tax"},"content":{"rendered":"<p>The \u2018ideas boom\u2019, aptly named\u00a0by Turnbull, \u00a0has been pledged to transform Australia into an innovative society with the convenient assistance of $1.1 billion federal budget. The key piece of agenda that is fuelling this \u2018boom\u2019 is the Innovation Statement, which was released yesterday in Australia. The statement outlines 24 initiatives across 11 government sectors and will cost the government $1.1 billion over the next four years.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" size-medium wp-image-814 alignleft\" src=\"https:\/\/ausgrant.com.au\/wp-content\/uploads\/2015\/12\/calculator-925385_960_720-300x197.jpg\" alt=\"calculator-925385_960_720\" width=\"300\" height=\"197\" \/>The<a href=\"http:\/\/www.innovation.gov.au\/system\/files\/case-study\/National%20Innovation%20and%20Science%20Agenda%20-%20Report.pdf\" target=\"_blank\"> Innovation Statement report<\/a>\u00a0includes tax incentives which could provide a huge boost for our entrepreneurial ecosystem and could drive cultural change. Notable policy changes include the fact that investors in start-ups will be able to claim tax rebates of up to $200,000 a year as well as capital gain tax exemptions. Aside from tax breaks for investments, the federal government will add almost $3 billion into research facilities and science programs over the next 10 years. Moreover, the Turnbull government will offer a 20 per cent income tax rebate for retail investors (capped at $200,000 per investor per year) in order to lure everyday investors away from real estate and shares.<\/p>\n<p>In relation to the R&amp;D Tax Incentive, the Innovation Statement included no changes to the current scheme. However, it is important to note that in 2016 Innovation Australia will be replaced with Innovation and Science Australia (ISA), which will be the new body advising the Government on innovation policy. Hence, next year there may be proposed changes to the R&amp;D tax incentive under this body. Furthermore, there is currently two surveys\u00a0underway which are reviewing the R&amp;D incentive &#8211; one by\u00a0Tax White Paper and one conducted by the Centre for International Economics.However,\u00a0the findings of these have not yet been finalised yet and they are suspected to be released in 2016. Hence, the results from these may impact how the government pursues the R&amp;D Tax Incentive in 2016-2017.<\/p>\n<p>Nonetheless, since the R&amp;D Tax Incentive currently remains untouched, businesses are encouraged to engage in R&amp;D activities as per usual. Furthermore, if you have conducted R&amp;D in your business, you may be eligible for substantial tax savings.<a href=\"http:\/\/ausgrant.com.au\/contact-us\/\" target=\"_blank\"> Contact AusGrant<\/a> today to talk to a specialised R&amp;D Tax consultant and find out if you could benefit from the scheme.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The \u2018ideas boom\u2019, aptly named\u00a0by Turnbull, \u00a0has been pledged to transform Australia into an innovative society with the convenient assistance <a href=\"https:\/\/ausgrant.com\/au\/the-innovation-statements-impact-on-tax\/\" style=\"float:right; padding-bottom:10px;\"><br \/><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-813","post","type-post","status-publish","format-standard","hentry","category-latest-news"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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