The Research and Development Tax Incentive (R&D) is a government programme that aims to stimulate Australian investment in R&D. It has been in place since 1 July 2011 and replaced the R&D Tax Concession. The tax incentive reduces company R&D costs by offering tax offsets for eligible R&D expenditure. The tax incentive is jointly administered by Industry Innovation and Science Australia (IISA) and the Australian Taxation Office (ATO).