The Australian Department of Industry, Innovation, and Science has released for public consultation a review paper on the R&D Tax Incentive. The review was undertaken to identify opportunities to improve the effectiveness and integrity of the R&D Tax Incentive, including the encouragement of additional R&D spending in Australia. The current incentive provides for a 45% refundable tax offset for eligible entities with an annual turnover below AUD 20 million and a non-refundable 40%…