Consulting giant KPMG says Australia’s biggest innovation incentive is too complex and outdated, with its administrative burdens acting as a handbrake on the strategic industries policy makers want to thrive.
In a submission to the federal government’s Strategic Examination of Research and Development (SERD), senior KPMG staff have called for an “objective and transparent review” of the Research and Development Tax Incentive (RDTI) as part of a tighter innovation policy focus.
The consulting firm, which advises local clients on accessing the RDTI, warns the scheme’s key thresholds haven’t been updated for more than a decade, while its complex administration and potentially rescinded claims make it too “risky and administratively burdensome” for many.
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