R&D – A stepping stone to innovation

A world without innovation is one where information would not be readily available at our fingertips, life expectancy would be far lower, and we would not have the renewable energy resources that serve the population. Research and development of powerful new ideas will provide us with a future that we can’t yet imagine.

You don’t have to look far to find innovations. Whether it’s sending an email, watching TV or flicking on a light switch, that’s innovation. However, if Australia does not respond to the increasing need for constant innovation, we will be left in the dark. Innovation will allow the nation to respond to not only current global economic challenges, but also enhance the collective brain power and our abilities to solving problems encountered in the future. Whilst it is imperative to conduct research and development to be competitive, it is also imperative to be sustainable.

Innovation does not only involve creating the most tech savvy gadgets or software, but also challenges key concepts such as efficiency gains, productivity gains, population increases, environmental impacts and the social well being of humanity. In fact, economic turmoil has, in some ways, inspired innovation. When a problem is encountered, inventors research and develop methods to overcome it. For example, as the economy faces the reality of global warming , innovations such as solar panels and fuel efficient cars are being developed.

Australia is home to some of the world’s most utilised inventions. For example, Wifi was invented here in Australia by the CSIRO, who also invented long wear contact lenses. The first ever refrigerator was invented on home soil by James Harrison in 1856, and who could forget to mention the trusty wine cask – an Aussie invention by W J Marshall in 1966.

From something as complex as wifi to something so simple such as the wine cask, they both involved some form of research and development to be innovative. Hence, the importance of conducting R&D because without it, innovative products and services would cease to exist. This would result in the economy not advancing forward. Imagine life without wifi hotspots, or not being able to grab a cold wine casket from the fridge after a long day with friends.

As previous blog posts have stated, innovation is high on the government’s agenda, which means this is an exciting time for anyone looking to conduct R&D activities. If you’re one of these people then you may be eligible to claim the R&D Tax Incentive. The program provides a tax offset for eligible R&D activities.

For more information on the R&D Tax Incentive or how TaxTrex can assist in preparing your claim, please Contact Us

Track your projects in real time

TaxTrex’s three annual surveys provide an up to date and verifiable overview of your research progress. Each survey is time-samped digitally, which will help you defend your claim in the event of an audit. Learn more

Risk assessment

Our innovative risk assessment algorithm will identify any potential issues with your R&D project. If a compliance risk is identified, our team will work with you to ensure your claim accurately meets AusIndustry’s requirements.Learn more

Real-time reports

TaxTrex surveys are digitally time-stamped to ensure the scientific process is recorded as it occurs. This unique feature acts as a proof of your research progress, and will help defend your claim in an audit.Learn more

Document storage

TaxTrex’s unique document storage facility provides a central location where all your R&D documents can be saved. If you are audited, you can simply access this facility and download all your supporting documents.Learn more