Tax Concessions For Adoption Of Innovation

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Tax Concessions For Adoption Of Innovation
Created	April, 2008
Submitted	April, 2008
Review Reference
Location	media:Tax Concessions For Adoption Of Innovation.pdf
Discussion	AIC Submission Discussion
Authors	John Gouteff
Topics	Tax concessions, Tiered system, Accreditation

Overview

This Submission is directed at encouraging the early adoption of local innovations by Australian Government and private industry, through a new tax concession scheme.

In the first model of the proposed scheme, private industry is given a 125% tax break for investment in an Australian developed product or solution that qualifies for an “Accredited Innovation Product or Solution”. There would be a fixed period, say 5 years, during which the accreditation is valid.

In the second model, a graduated scale is used with 175% deduction in the first year, followed by 150% in the second and 125% in the last three years.

For Government Departments and Organisations, the incentive could be in the form of a Budget Bonus of 25% on all Innovation Accredited expenditure. Similarly, my second model could also be adapted for Government.

Link: Tax Concessions For Adoption Of Innovation.pdf

Notes

Discussion

• AIC Submission Discussion