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Incentives for innovation and infrastructure
Published on 01 Apr 22 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The world will continue to innovate, and those who do not will be left behind. The global economy is evolving and developing at exponential rates with the ongoing search for efficiencies, increased productivity and new ways to increase competition. This chapter of the Case for Change paper explores how the tax system can support innovation and growth in our economy. Since first publication of this chapter, there have been some announcements that address some of the recommendations, such as the introduction of a patent box regime. On the other hand, the Board of Taxation was due to report to the government by November 2021 on its review into the dual administration of the R&D tax incentive. We are yet to hear what the outcome of the Board’s review is and whether the government will support any recommendations for improvement of the current system. Indeed, one hopes that the government takes the opportunity of that report to adopt the recommendations in this chapter.
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THE TAX INSTITUTE
The Tax Institute is Australia's leading professional association and educator in tax, with offices in most major cities. Focusing solely on tax, the Institute provides the best resources, education and networks. Our mission is to equip tax professionals with everything they need to demonstrate the highest level of expertise and increase the advancement of public knowledge and understanding. We are also committed to propelling members into the future and onto the global stage with the introduction of the Chartered Tax Adviser designation.
The Tax Institute is Australia's leading professional association and educator in tax providing the best resources, professional development and networks.