Innovation Minister Kim Carr has announced a team of small business and industry experts will oversee the new R&D Tax Incentive and advise the government about its performance.
The new tax incentive is designed to help businesses across the country invest in new idea and products, while the R&D Tax Incentive Advisory Committee has been established to ensure the program provides the intended benefits to local industry from increased investment in research and development.
“The new R&D Tax Incentive is a huge opportunity for Australian firms and researchers. It is an incentive for our creative firms and individuals to invest in new ideas, products and services. It is also a key opportunity for researchers to connect to industries,” Senator Carr said.
“This Incentive is the biggest change to the way we support R&D in a long time and it is important that we get it right. This committee of experts will monitor the performance of the program and provide advice to Government on its implementation and operation.”
The R&D Tax Incentive Advisory Committee will be responsible for canvassing a broad range of views on the operation of the R&D Tax Incentive. It will consider program performance data and analysis provided by the Department of Innovation, Industry, Science and Research and the Australian Taxation Office.
Innovation Australia chairman David Miles AM will chair the advisory committee.
Miles’ fellow committee members include:
- Dr Nicholas Gruen – Principal, Lateral Economics.
- Innes Willox – Director, International and Government Relations at Australian Industry Group.
- Serg Duchini – National R&D Partner Deloitte Touche Tohmatsu.
- Kathy Kelly – Director of Boyce Chartered Accountants.
- Anna Lavelle – CEO of AusBiotech.
- Sam Turnbull – CEO of Flipscreen, an SME based in rural NSW.