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Bio Technology : October 2009
Industrial Biotechnology Strategy Within the broader framework of the NETS, work will continue on the implementation of the Australian Government’s Industrial Biotechnology Strategy to encourage and facilitate adoption of relevant biotechnologies across Australian industry. The strategy involves working with sectors of the manufacturing industry to build awareness of industrial applications of biotechnology that can deliver process or product improvements. The Department of Innovation, Industry, Science and Research also co-ordinates with CSIRO and other government agencies to assess the need for systemic developments to facilitate the use of biotechnology to deliver climate change beneﬁts. The Commonwealth Commercialisation Institute (CCI) The Australian Government is also establishing a Commonwealth Commercialisation Institute which will provide a radical new approach to ensure ideas from our universities, publicly funded research agencies, and innovative enterprises become successful commercial ventures. R&D Tax Credit The New R&D Tax Credit, introduced in the 2009- 10 Budget, will replace the R&D Tax Concession program from the 2010–11 income year. From the 2010–11 income year, a 45 per cent refundable tax credit will be provided to ﬁrms with a grouped turnover of less than $20 million per annum, providing a signiﬁcant beneﬁt to many small and medium sized ﬁrms including high-tech start-up companies in areas such as biotechnology. A 40 per cent non-refundable tax credit will be provided to ﬁrms with a grouped turnover of $20 million or more per annum. AusIndustry AusIndustry delivers more than 30 business programs including innovation grants, tax and duty concessions, small business development, industry support and venture capital worth about $2 billion to more than 10,000 businesses and about 80,000 individuals every year. Visit www.ausindustry.gov.au for more information. www.innovation.gov.au