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Embargoed until 2017-03-31
Copyright: Roberts, Victoria
Embargoed until 2017-03-31
Copyright: Roberts, Victoria
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Abstract
This thesis proposes a legislative model Research and Development Tax Incentive
(RDTI) for Australia to stimulate greater private investment in agricultural research
and development (R&D), thereby increasing Australia’s contribution to global food
security. A review of the food security literature demonstrates that underinvestment
in agricultural R&D is diminishing the world’s capacity to sustainably
provide food security for all. The international literature on tax policy and reform,
whilst generally silent on the specific challenge of food security, does confirm the
positive role that taxation measures can potentially play in assisting with contemporary
social challenges. Guided by pragmatism, this socio-legal reform orientated thesis
undertakes comparative case studies of RDTIs from Japan, South Africa and the
United States to elicit their strengths and weaknesses and identify best practice. These
findings, together with a critical analysis of the existing Australian RDTI law, are
drawn together in developing the proposed legislative model. The merit of the
model is also considered in terms of the widely accepted criteria of a good tax
system, namely certainty and administrative efficiency (including simplicity and
compliance costs), in conjunction with the potential to contribute to global food
security. In an attempt to integrate taxation and innovation with other economic
objectives, the model RDTI legislatively incorporates national strategic research priorities
to produce a more cohesive approach to R&D reform. This approach is designed to
direct finite government funding towards targeted areas of national concern. It is
envisioned that the model Australian RDTI could be adopted by other tax jurisdictions,
or alternatively, adapted to encourage innovative approaches to other social challenges
(domestic or global) in a relatively flexible and timely manner. The thesis demonstrates
both the potential and merit for innovative tailoring of tax provisions which embrace
benevolent aspirations alongside national economic objectives. The model RDTI is an
example of how well-drafted legislation underpinned by clear policy intent can drive
meaningful and strategic tax reform for the betterment of society as a whole.