Tech One chief executive Adrian Di Marco said that tech giants such as Google - which claimed $4.5 million in R&D tax breaks in the 2013 financial year - would continue that work regardless of the incentive and taxpayers did not receive any benefit for their money.
"The thing that amazes me is we give them R&D tax concessions, to do R&D in Australia they would do anyway, and we don't retain the intellectual property - the IP goes back to the US and Google generates all the profit off Australian taxpayer-funded R&D that never comes back to Australia, it's just crazy," Mr di Marco told BOSS magazine for a feature story to be published on Friday.
Mr di Marco, who founded the listed software company in the late 1980s, said the concessions that Treasurer Joe Hockey capped at $100 million in February should only be available for Australian companies.
Mr di Marco
said even Google
"shake [its] head" at the generosity of the tax breaks.
We spend so much time talking about how we mine resources and the price of iron ore, we don't talk about innovation and creativity, politicians don't talk about it," Mr di Marco
This year's list of CEOs who deliver are dominated by bosses who founded their own business, such as Mr di Marco
, filling five of the top eight spots.