Australia must reform its research and development tax incentives or risk wasting taxpayer funds and profit shifting by multinationals, a government-commissioned report warned Tuesday.
The country “must do better” to maximize the value of public and business investment in research, development and innovation, the independent review said.
The review proposes an overhaul of the country’s entire approach to R&D, including reforms to the Research and Development Tax Incentive program, the largest form of government support for business R&D.
The vast majority of firms, 86%, relied on R&D tax advisers and consultants who were often paid more than 10% of ...