Australia’s life sciences sector breathed a sigh of relief, welcoming the fact that the Government left the main support for innovation in Australia, the R&D tax incentive, untouched.
“In many ways no change is a good change as there has been significant scrutiny surrounding the R&D tax incentive. A commitment to our existing R&D tax incentive will provide the sector with the stability it craves to foster investments for further growth.
“This approach, as well as the reduction in the income tax rate will leave money in the hands of Australia’s innovators to work out how to best fund future growth initiatives. We hope the reviews of the R&D tax incentive will similarly conclude to either maintain the status quo, or look for ways to attract further cashflow and investment that will see the life sciences sector prosper,” said Daniel Kave, Partner, Grant Thornton Australia.
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