Five ways the Budget may impact Australia's scientists
With the Australian Government having released its 2016–17 Budget on 3 May, Science Industry Australia (SIA) has pulled together the top five items that may impact its members.
Small business tax reform
From 1 July 2016, businesses with annual turnover less than $10 million will have a company tax rate of 27.5%. The company tax rate will be progressively lowered to 25% by 2026–27 for all companies.
The government will also extend a range of concessions already available to small businesses with turnovers less than $2 million to all businesses with turnovers less than $10 million from 1 July 2016.
Innovation and Science Agenda
Whilst not necessarily a new initiative, the Budget release continued to support the government’s Innovation and Science Agenda. This includes an investment of $1.1 billion in the Innovation and Science Agenda to support a culture of ideas and innovation to encourage commercialisation, reward enterprise and facilitate investment.
For more detail on specific programs, please refer to the portfolio budget statement for Industry, Innovation and Science.
Jobs and job seekers
The Budget supports the development of an internship placement program that links young people with businesses, providing valuable work experience and allowing them to trial the job seeker’s fit in the workplace. Interns will receive an incentive payment of $200 a fortnight paid in addition to their income support, and businesses will receive an upfront payment of $1000 to host them.
Entrepreneurship
The government is encouraging entrepreneurship, including through expansion of the New Enterprise Incentive Scheme (NEIS).
Eligibility for NEIS will be broadened to allow access to self-employment training and mentoring for job seekers who are not on income support, including those not in employment, education or training. An additional 2300 NEIS places each year will also be funded, making a total 8600 places available annually.
Legislative reform
The government is planning to amending section 46 of the Competition and Consumer Act 2010. This proposed reform will prevent the misuse of market power by dominant firms. The government is hoping that by improving the law’s clarity, effectiveness and force, it will improve choice for consumers and support innovation by new businesses.
For further information on any of these issues, please go to http://budget.gov.au/.
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