Thursday, 13 October 2011. Experts from across small business and industry will oversee Australia’s new R&D Tax Incentive as it helps thousands of businesses invest in new ideas and products.
Announcing the new R&D Tax Incentive Advisory Committee, Innovation Minister Senator Kim Carr said it would mean that industry and business - users of the R&D tax Incentive – will be able to advise government on how it is working.
“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 committee has been established to ensure the program provides the intended benefits to Australian industry from increased investment in research and development.
Innovation Australia chairman Mr David Miles AM will chair the advisory committee.
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.
Mr Miles’ fellow committee members include: