May 3, 2021
The latest recommendations from a select committee on fintech and regtech could see R&D Tax Incentive (RDTI) payments dished out on a quarterly basis.
The Senate Select Committee on Financial Technology and Regulatory Technology, chaired by Senator Andrew Bragg, tabled its second interim report last week, making two recommendations relating to the contentious RDTI scheme.
First, it suggested that different assessment methodologies should be used for the scheme.
The report did not go into detail as to what alternative methodologies would entail, but referred to submissions that suggested the current means of assessment is not compatible with software engineering, and alternative methods could allow for more flexibility and adaptability.
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Atlassian co-founders Scott Farquhar and Mike Cannon-Brookes. Source: supplied.
Some of Australia’s highest profile tech entrepreneurs have written to the Australian Taxation Office to propose a collaborative workshop on the R&D Tax Incentive (RDTI) scheme as it applies to software research.
The letter, addressed to ATO Commissioner Chris Jordan, is co-signed by the likes of Atlassian co-founders Scott Farquhar and Mike Cannon-Brookes, and Canva co-founder Cliff Obrecht.
Other high-profile signatories include AirTasker founder Tim Fung, Brighte founder Katherine McConnell, Culture Amp founder Dider Elzinga and Deputy founder Ashik Ahmed, as well as StartupAus chief executive Alex McCauley.
In total, the 13 signatories represent 12 tech companies and organisations.
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