We are pleased to welcome the R&D tax incentive practice from Glasshouse Advisory, comprising one Partner and approximately 10 people, to our Specialist Tax team across our Sydney, Brisbane and Melbourne offices.
Glasshouse Advisory is a wholly-owned subsidiary of leading Asia-Pacific IP professional services group, IPH Limited. The IPH group’s core business is intellectual property (IP) services, while Glasshouse is a leading boutique provider of R&D incentive support, ably led by Sandra Boswell, a respected R&D expert. Sandra has more than 20 years of experience in the field of R&D incentives and Government grant programs and has held numerous positions on Boards, including her current roles as a Non-Executive Director for the Sisters of Charity Foundation and Director of the Global Legal Entity Identifier Foundation.
Following a review of Glasshouse Advisory’s business IPH Limited made the decision to find a new home with greater alignment to Glasshouse’s specialist services.
There are a number of synergies between Grant Thornton and the R&D tax incentive practice of Glasshouse Advisory. Our market segment, culture and a strong alignment between the Grant Thornton R&D team and Glasshouse Advisory. Bringing the two together creates a strong team of expertise to support clients navigate the R&D incentive program and EMDG grants with the additional support from the wider Grant Thornton network.
While the economy is experiencing a slow-down, we’re seeing a real resurgence in businesses looking to fast-track their R&D claims to access much needed cash flow. The enhanced team will be better placed to support existing clients, and to support new clients that may be accessing the incentive for the first time.
“We are delighted to have reached agreement for transfer of the Glasshouse Advisory R&D tax incentive practices to Grant Thornton and we see this as a positive next stage for Glasshouse’s R&D tax incentive business. Since our acquisition of Glasshouse Advisory as part of the Xenith Group in August 2019 we have undertaken a detailed review of the Glasshouse Advisory business and concluded that these aspects of the business would be better placed within a specialist business, more closely aligned to their service offering. Grant Thornton is a natural home for these practices and their focus on innovation and R&D will be of huge benefit to the Glasshouse team and their clients. Additionally, we anticipate continued collaboration for clients that require specialist IP services and support,” said IPH COO and acting Glasshouse Advisory EGM, John O’Shea.
“Remembering that R&D isn’t limited to scientific experiments, but can also include operational efficiencies and system improvements – there are a wide range of companies that are accessing the R&D incentive program to continue to reinvest in their business. At times like these, the additional cash flow that comes from the program will be critical for businesses. We’re anticipating a busy period for R&D and we’re pleased to welcome the team from Glasshouse to the fold,” said Nicole Bradley, Grant Thornton’s National Managing Partner for Tax.
“The rules around access to the R&D incentive program were changed not too long ago, with additional changes potentially in the works. It’s a delicate balance between investing in innovation and growth and the R&D programs and government grants are an important component of this. We support our clients to navigate the complexity of the tax system and we’re excited to have access to the wider tax and advisory expertise at Grant Thornton. It’s a wonderful fit and we have an exciting future,” said Sandra Boswell, former National Leader Innovation and Incentives at Glasshouse, new Partner at Grant Thornton Australia.
The transition of Glasshouse Advisory’s team with Grant Thornton’s existing R&D team will be complete by 25 May 2020. Grant Thornton now boasts two R&D partners, and a team of approximately 15 across three states along the Eastern seaboard supporting a range of private and ASX listed clients.
IPH was advised by Saltire Capital Partners.
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