Innovative NSW hq’d business? Exciting times ahead for you!
R&D Tax Incentive - 26 Feb 2021
Here’s what’s fresh off the press from the ABA Legal Group R&D team this week:
NSW plans to fuel growth through innovation…
Last month, the NSW Premier Gladys Berejiklian, launched the ‘turning ideas into jobs – accelerating research & development in NSW action plan.’ Now, as a business that is absolutely passionate about all things innovation and providing guidance to companies seeking to commercialise their R&D, we are pretty excited about this program and its five recommended priority actions:
- Launch a Small Business Innovation Research (SBIR) program
- Boost open data
- Turbocharge precincts
- Target strategic support for NSW universities
- Establish an R&D matchmaking platform
We believe that this is a fantastic step forward by the NSW government in placing R&D and all things innovation at the front and centre of the state’s economic recovery from COVID-19 and the emphasis on collaboration. What is also critical is the fact that the government has underlined the positive economic impact R&D has on the wider economy, highlighting the fact that for every dollar invested in innovation-led activities, there can be an economic benefit of 14 dollars in return.
Now, the exciting part for us at ABA Legal Group is that the NSW government has already committed $26 million from the NSW 2020/21 Budget to fund two of the priority actions in the plan including launching the SBIR program and establishing an R&D matchmaking platform.
For anyone interested in learning more about their eligibility for the R&D Tax Incentive or simply learning more about the NSW and Australian innovation landscape, feel free to reach out to learn more and understand how you may be eligible.
You can also take our questionnaire below to provide you with an idea of eligibility:
The information contained in this blog is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. In all cases, you should consult with a professional advisor familiar with your factual situation for advice concerning specific matters before making any decisions. By reading this blog, you confirm your understanding of this disclaimer.