As the Senate passed the Labor Government’s $15bn National Reconstruction Fund (NRF) bill today, Grant Thornton Australia expects many businesses will soon be able to access additional funding to invest in their R&D, manufacturing and technology capabilities.
Some businesses that may not be eligible for direct grant funding could now be able to claim further tax concessions in relation to R&D and manufacturing, particularly in the areas of renewable energy, medical science, resources, agriculture, defence, technology and transport.
Innovation Incentives Partner and R&D Tax specialist at Grant Thornton, Rebecca Iwanuscha said: “Today’s announcement on the National Reconstruction Fund is a step in the right direction to grow Australia’s innovation agenda and signals the importance of innovation, research and development in building and maintaining a strong economy.
“The NRF is set to support Australian capability and emerging technologies across seven keys areas via loans, guarantees and equities, which we know will be a welcomed initiative. I am also looking forward to the May Federal Budget where I hope the Government will expand on their plans to continue to support Australian business spend on innovation.”
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