Australia

Details

  • Service: Tax, R&D Incentives
  • Type: Regulatory update
  • Date: 23/05/2014

Tax Insights

KPMG's analysis of tax issues and developments.

Gary Veale

Gary Veale
Director, Tax

+61 3 9288 6125

gveale@kpmg.com.au

Who would come to tax for innovation? 

by Gary Veale, R&D Incentives Specialist

Who would go to their supermarket for ski-gear, or come to tax for innovation? From my perspective, both make sense, here’s why:
  • tax people are increasingly future focused: helping businesses to explore options and successfully navigate off-piste responding to new ventures, technology-trends, partnerships and business models)
  • tax people are multi-disciplinary
  • they are translators (between business initiatives and financial imperatives)
  • and finally, tax people help fund projects.


This last point is important.

 

Tax professionals have a critical role to play in helping lower the barriers to growth and innovation through consideration of the Government support and the funding landscape. Indeed, clients of ours are breaking ground on Greenfield projects that may have remained buried if not for such funding.

 

In case you missed KPMG’s Federal Budget Brief 2014, it is not all doom and gloom. The government has refocused industry support programs to reflect transitional challenges facing the Australian economy and Federal policy agendas. In an environment where grant funding is being aligned towards building capability and boosting innovation and productivity, it is critical that tax professionals consider the opportunities for grant funding applications as part of their investment strategies. Crafting the story of your investment project in a way that emphasises these themes, and having conversations with government early will result in applications that more closely align to policy, and are therefore positioned for stronger outcomes.

 

KPMG has a highly experienced Grants and Incentives team with a proven track record of winning grants for our clients.

 

As for that skiing, I look forward to seeing you on the slopes - kitted out, like me, thanks to our local supermarket and their ski gear range.

 

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