10 years of the R&DTI - Vaxxas

 

Vaxxas – bringing the world new needle-free vaccine technology.

On the 8th of September, 2021, the Research and Development Tax Incentive (R&DTI) will celebrate 10 years of operation. The program first became available to businesses in the 2011/12 financial year after legislation to commence the program received Royal Assent on 8 September 2011. The program has since supported over 30,000 companies.

Over the last 10 years, the R&DTI program has encouraged businesses to conduct additional research and development (R&D) activities that they might not otherwise have undertaken. This generates new knowledge, drives technological improvements and increases productivity within the Australian economy. Research shows that companies that conduct R&D are often more successful and contribute to economic growth at a higher rate than those that do not.

The benefits generated through the R&DTI program can be readily observed through our customer stories and holistic data. Each year, the R&DTI program attracts 2000 to 3000 new businesses. These businesses come from a diverse range of sectors within the economy including:

  • manufacturing
  • biotechnology
  • agriculture
  • energy
  • telecommunications
  • software development.

In the 2019/20 income year 10,839 of the businesses that benefitted from the program were small to medium enterprises. 

If this program had not existed, I would have relocated to the US. The R&DTI program meant I was able to keep the business in Australia and grow the business in Australia.


Karl Mattingly, CEO, Dysrupt Labs

10 years of the R&DTI - RayGen

 

RayGen – bringing new renewable energy technology to the world.

Analysis of the R&DTI program has found that each dollar provided to businesses results in additionality for the Australian economy. Businesses supported by the program also generate spill over benefits that take the form of increased employment, improved access to goods and services and the generation of new public knowledge.

AusIndustry works with industry and the Australian Taxation Office to continuously improve the delivery of the program. The joint-administration are helping companies access the R&DTI, recently introducing a new customer portal and new guidance products.

As the R&DTI program steps forward into its second decade, it will look to continue building on the positive impact it has had on businesses and the economy. 

10 years of the R&DTI – HeiQ Australia & Deakin University

 

HeiQ and Deakin University are collaborating on sustainable textile materials and treatments.

Find out more about the R&DTI and how it may assist your business.