AusBiotech urges review to protect R&D Tax Incentive's integrity

Trade group AusBiotech said today that its submission to the Review of the R&D Tax Incentive calls for preservation of the program, as it is providing additional R&D in Australia and spillover benefits, and an end to constant tweaks and reviews that are causing instability and uncertainty.

The Review was announced as part of the National Innovation and Science Agenda, announced in December 2015 by the federal government. The Review is being conducted by Bill Ferris, chairman, Innovation & Science Australia, Alan Finkel, chief scientist of Australia and John Fraser, Secretary to the Treasury.

The AusBiotech submission makes the case for this tax incentive to remain in-tact to support Australia’s innovation ecosystem in order for innovative industries, including biotechnology, to underpin the economy and to increasingly provide jobs, exports, intellectual property assets and the resulting health and community benefits. It also provided comments from AusBiotech member about additional R&D that is being retained in and attracted to Australia and seek clarification on the program’s reported costs, which appear to be overstated.