Seven companies now claim over $100m each in R&D tax breaks

Growth in R&D tax incentive claims slowed sharply in 2023-24 after the pandemic surge.

Australian Taxation Office data shows growth in R&D tax incentive claims slowed sharply in 2023-24. A sharp $5 billion jump had occurred after the pandemic.

The sector is now normalising. Seven companies now claim more than $100 million each through the scheme.

This is the highest tier yet. Afterpay joined software, mining, health and biotech firms in this elite group.

The R&D tax incentive is Australia's biggest lever for encouraging research spending and innovation across industry.

5 billion dollars: Pandemic-era jump
Seven companies: Top-tier claimants
2023-24: Period of slowdown

Why it mattersR&D spending drives productivity; slowing growth in tax incentive claims may signal companies are scaling back future innovation investment.

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