Business Point
Innovation, research and development are essential to the long-term survival of your business. Businesses must be on the look out for new and better products and services, more efficient processes, new ways of delivering services and other innovative strategies to get ahead of their competition.
Innovation is the process of doing and using new things. In business the term often refers to “the commercialisation of new ideas, inventions, products, designs and resources”. Research and development is the process of creating new and improved products and services and is an example of innovation at work.
For more information about encouraging innovation in your business see the Managing research development and innovation in your business guide.
See also Innovation, Science and Technology site
Visit the Australian Taxation Office (ATO) website for information on the research and development (R&D) tax incentive. The incentive provides a targeted tax offset to encourage certain companies (R&D entities) to engage in research and development. It replaces the R&D tax concession from 1 July 2011 and is jointly administered by Innovation Australia (assisted by AusIndustry) and the ATO.
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