The R&D tax offset has served as a life raft for some of Australia’s most prominent technology start-ups, though in some cases it wasn’t enough.
Hundreds of millions of dollars in research and development tax incentives have been wiped out by struggling Australian start-ups, a transparency report from the Australian Tax Office shows.
By contrast, software giant Atlassian, led by billionaire CEO Mike Cannon-Brookes, topped the ATO’s table by claiming more than $200 million in R&D tax offsets for the 2021-2022 financial year. Biotechnology giant CSL was the second-highest claimant, receiving $129 million, while medical device maker Cochlear claimed $115 million.
Dean Freestone, CEO and co-founder of Seer Medical. Freestone is embroiled in legal action against Breakthrough Victoria.Seer Medical, which last year slashed a third of its workforce and whose founder is currently suing the Victorian government’s venture capital fund Breakthrough Victoria, claimed $9.3 million. Quantum computing start-up Q-CTRL claimed $8.3 million and HR software start-up Culture Amp claimed $8.2 million.
“The delay in publishing this information is designed to address any perceived commercial sensitivity of the data,” it said. According to Simmons, a 2016 review of the program by AusIndustry helped define eligibility more clearly for businesses. Tabcorp claimed $39.5 million in R&D offsets for the 2021 financial year, while Aristocrat Leisure claimed $22.1 million and Pointsbet claimed $6 million.
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