Adelaide Gig City will connect businesses within many of Adelaide’s Innovation Precincts with extremely fast broadband speeds.
With the potential for internet speeds 100x the national average, the South Australian Government is investing A$4.7 million in the Adelaide Gig City Program to help attract hi-tech businesses, entrepreneurs, and start-ups with ‘bandwidth heavy’ ideas, products and services to the city.
The Adelaide Gig City network will connect Innovation Precincts across the Adelaide metropolitan area with extremely fast broadband speeds. Sites include the Tonsley Innovation District, Technology Park, Techport Maritime Precinct, St Paul’s Creative Centre, the Thebarton Technology Precinct, the Majoran Co-working Space, Hub Adelaide and the Stretton Centre.
South Australia has a stable, multi-ethnic population of 1.7 million people, with 1.3 million centred in the capital city Adelaide and the remaining 400,000 dispersed over an area four times larger than the UK.
This unique demographic mix makes South Australia the ideal location to test digital healthcare solutions across urban, rural and remote communities.
Forty-three and a half per cent of R&D costs will be reimbursed in cash to eligible companies with an aggregated annual turnover of less than A$20 million (approx. US$15 million). A 38.5% tax offset is offered to all other eligible entities.
The incentive can covers costs including development of:
There is a solid track record of successful claims by companies headquartered overseas, such as the US, when conducting research in Adelaide.
Before commencing R&D activities, investors interested in benefiting from the financial incentives must set up an Australian company with a local director. There is no requirement to hire full-time employees. A formal agreement with the parent company is required.
The whole process is inexpensive and can take as little as a month. Importantly, all intellectual property remains with the parent company. Consultants with a track record of successful claims are available in Adelaide.
Adelaide’s banking system is available to provide a loan secured against the cashback amount.
The R&D Tax Incentive is an Australian Government initiative jointly managed by AusIndustry and the Australian Taxation Office. For further information please visit www.business.gov.au and www.ato.gov.au.
Health Industries South Australia is the South Australian Government agency helping health and life sciences companies invest in Adelaide.