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Global investment and innovation incentives (Gi3)

Australia offers R&D grants, credits and incentives in areas such as the digital economy, energy efficiency, environment, globalisation, innovation, sustainability and training.

Deloitte Australia’s Tax insights apply a wealth of expertise to provide you with comprehensive analysis and implications in respect of the latest tax developments.

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On 9 May 2023 Treasurer Jim Chalmers handed down the 2023-24 Federal Budget aimed at addressing challenging headwinds including higher interest rates, inflation and cost of living pressures. A modest surplus of $4.2 billion – the first surplus in 15 years – is a welcome surprise built on tailwinds: favourable commodity prices, a strong labour market and higher migration in the short-term.

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An R&D Tax Offset, also known as the R&D Tax Incentive, is available in respect of research and development (R&D) expenditure incurred in income years commencing on or after 1 July 2011. It currently provides for a 43.5%
refundable tax offset for eligible R&D entities with an aggregated worldwide
turnover of less than $20 million per annum that are not 50% or more
controlled by exempt entities (refundable R&D offset); or a non-refundable
38.5% tax offset for all other eligible companies.

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Our monthly Clarity in financial reporting newsletter informs you of key focus areas in financial reporting for the month: actions, developments, and dates.

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