LATEST AUSTRALIAN BUSINESS NEWS
Research and development by Australian small businesses has risen by 17 per cent to reach $1.3 billion, according to the Australian Bureau of Statistics (ABS).The ABS reports R&D expenditure in small businesses reached $1,316 million in 2005-06, a solid improvement on the 2004-05 figures of $1,130 million.
Importantly R&D expenditure by micro-businesses (less than five employees) increased by 18 per cent to reach $354 million. Small business is spending more on R&D, developing new goods and opening up new markets.
In a global economy, small business has to be innovative to compete. The good news is Australian small business is taking on the best in the world and winning.
Australian R&D Tax Concessions offer:
- a tax deduction of up to 125 per cent of expenditure incurred on R&D activities;
- an R&D Incremental (175 per cent Premium) Tax Concession for certain companies that increase their grouped R&D expenditure; and
- an R&D Tax Offset for companies with group turnover under $5 million and a group R&D expenditure of up to $1 million for the year.
For information on this article, or on any other aspect of the Australian economy or business opportunities available, please email me.
David