Government Committed To Combat Climate Change
The Federal Government released its climate change initiatives today with funding allocated in the 2010-11 Mid-Year Economic and Fiscal Outlook. The climate change initiatives include:
Australia & New Zealand Working Together On Climate Change
Australia’s Minister for Climate Change Greg Combet and New Zealand’s Minister for Climate Change Issues Nick Smith met yesterday in Sydney and reaffirmed their commitment to working closely together on climate change. New Zealand has benefited from Australian expertise in designing features of its Emissions Trading Scheme while Australia will benefit from New Zealand’s experience…
$160m Available From IIF
The Government announced today that over $160 million in venture capital will be made available through four new Innovation Investment Funds (IIF). Carnegie Venture Capital, MRCF, Southern Cross Venture Partners and Australia Ventures will receive Government funding of $20 million each, which will be matched with private investor’s funds. These IIF funders will invest into new…
Multi-Party Climate Change Committee
The Multi-Party Climate Change Committee met in Canberra today and had initial discussions on policy principles, the potential design and scope of the Climate Change Commission, the progress of international action to reduce emissions and what a carbon price is and how it interacts with the Australian economy and communities and the opportunities it provides….
Retooling For Climate Change Closed
The Re-tooling for Climate Change Program is closed to further applications. The Government announced today that following confirmation of 2010 Election commitments, the Re-tooling for Climate Change program will be closed to new applications. Existing grantees in the program will not be affected.
Carbon Farming Initiatives Released
Carbon Farming Initiatives Released The Labor Government today announced a carbon offsets scheme that will provide new economic opportunities for farmers, forest growers and landholders and help the environment by reducing carbon pollution. The Minister for Climate Change and Energy Efficiency, Greg Combet, said the government was releasing draft legislation and methodology guidelines for the scheme. “While there…
Research And Development Tax Credit Scheme
The long awaited and advertised R&D Tax Credit Scheme was planned to be operational from 1 July 2011. Given the delays in the passage of this legislation through the Parliament the introduction date will most likely be postponed until 1 July 2012. The legislative process for the Tax Laws Amendment (Research and Development) Bill 2010 is progressing slowly….
AAT Decision 879 2010 Research And Development Tax Claims And Record Keeping
The recent decision of the Administrative Appeals Tribunal in HZXD v Innovation Australia [2010] AATA 879 highlights the importance of good record keeping for companies claiming benefits under the R&D Tax Concession Program. If you couple this with AusIndustry’s 2011 scheduled increase in compliance activities then good record keeping is money in your pocket. From 2011 Ausindustry plan to review 15%…
Government Research And Development Tax Compliance Program
AusIndustry has introduced a new compliance review framework based on the concept of a ‘compliance continuum’ for R&D Tax Claims. The new framework plans to sample around 15% of all R&D Tax applications received each year, with the objective that all applications will potentially be reviewed over a 5 year period. This new framework includes a continuum that consists of…
Research $20B V Export Marketing $135M
To put the government’s current approach into perspective, please consider this hypothetical scenario. An Australian business decides to develop a new product and commits $1 million towards developing the required innovation. On completion of the development of this potentially world leading product they decide to explore international trade opportunities and commit $7500 towards those activities….
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