The Federal Government’s A$1.8 Billion R&D Tax Credit was recently passed by Parliament and ushers in a new chapter for Australian investment and innovation.
Starting retrospectively from 1 July 2011, the R&D Tax Credit has two core components:
a) A 45 per cent refundable tax offset (equivalent to a 150 per cent deduction) to eligible entities with an aggregated turnover of less than $20 million per annum.
b) A non-refundable 40 per cent tax offset (equivalent to a 133 per cent deduction) to all other eligible entities.
The new credit is said to be a key factor for Australia in attracting global firms looking to focus on R&D or those looking to partner research organisations to build their long term competiveness.
UWS is a Registered Research Agency (RRA), thus making it capable of performing contracted R&D on behalf of eligible companies. In addition to being able to claim the R&D tax credit, one of the major advantages of working with an RRA such as UWS includes the ability to undertake R&D programs without having to invest in costly equipment and expertise.
With UWS’s ever expanding intellectual property portfolio and continued investment in world class research, we welcome inquiries from companies that are interested in partnering on collaborative research projects. Please contact Robert Burnside on 02 9685 9742 or at r.burnside@uws.edu.au
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