Reminder: Advance or overseas finding application deadline 30 June
A quick reminder–30 June is the final day for lodging an application for an advance or overseas finding if your company balances its books on 30 June.
If you would like some tips from our assessors to help you improve your application writing see the article in our May 2017 edition.
Listening to your guidance needs
The department has been working over the last few months with companies that are participating in the R&D Tax Incentive to improve how we deliver our guidance. You may have read about this in our February and April bulletins.
What have we done so far
We have been sitting down with companies and going through our existing guidance products such as our web pages, videos and printed booklets. We wanted to see how companies used the material in the real world. All of this practical knowledge helps us to prepare future guidance that more clearly and more briefly explains the principles of experimental knowledge discovery that are required by the legislation.
We have been learning from the views of these companies and exploring how best to use these learnings to develop the guidance further.
Once we have used this information to refresh the guidance we will be testing the revised content with other companies to make sure it is as good as it can be. This will see us adding more helpful information on business.gov.au. We expect to be rolling out changes in the first half of the new financial year.
Do you have a view on which guidance products hit the mark and which don’t? Do you want to be involved in the next part of the project, please get in touch at firstname.lastname@example.org.
Customers telling their stories
The department is working to capture and tell the stories of some of the innovative companies that are growing their companies with the assistance of the R&D Tax Incentive. These customer stories will add to the existing stories that are available on business.gov.au.
Our new stories will explore the benefits and impacts that these companies are achieving from their R&D work that has been supported by the program. R&D can have positive impacts for a company’s customers, local community, and Australia. After all, everyone benefits from R&D!
Keep your eyes on business.gov.au in the coming months for these new customer stories
Sector Snapshot - Medical and Health Sciences
The R&D Tax Incentive supports more than 1,200 Australian businesses to conduct medical, health and life sciences (MHLS) research each year. This includes research on biotechnology, medicinal drugs, surgical equipment or treatments of infectious diseases.
Business investment in medical research is increasing. Since 2012, registered R&D expenditure on MHLS has grown by $500 million to a total of $1.6 billion in 2015. This is strong performance compared with the program overall, which has seen a decline in R&D expenditure over the same period.
Businesses of all sizes undertake medical research. However, microbusinesses (turnover of less than $500,000) and large corporations (turnover of more than $50 million) are experiencing the strongest growth.
New South Wales and Victoria are the major hubs for medical research, accounting for three quarters of all R&D expenditure on MHLS in 2015. In Victoria, researchers focus on the development of medicinal drugs, while medical equipment research is the main activity in New South Wales.
Overall, almost all of the MHLS research fields are growing, showing great promise for the future of medical research in Australia.
New CRC Programme funding round now open
Applications are now open for the 19th Cooperative Research Centres (CRC) selection round.
Like the R&D Tax Incentive, the CRC programme helps boost our innovation capability. These grants support medium to long term (up to ten years) industry-led research to develop important new technologies, products and services.
Collaborations from industry, research and community sectors can apply. Once a group of participants have agreed to collaborate, they can submit an application.
Learn more about the CRC Programme and how to apply.
Applications close 12 July 2017 5:00 pm AEST.