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R&D Tax Credits get green light
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The Gillard Labor Government has introduced the R&D Tax Credit to replace the existing R&D Tax Concession. It aims to offer a more certain, more generous research and development incentive to business, particularly small-to-medium enterprises (SMEs).
"The Bill to introduce the new R&D Tax Credit-Tax Laws Amendment (Research and Development) Bill 2010, which is supported by the Income Tax Rates Amendments (Research and Development) Bill 2010-has been amended to address a number of concerns raised by stakeholders during consultations and as part of the Senate Economics Legislation Committee report of June 15, 2010," Innovation, Industry, Science and Research Minister, Kim Carr said.
"The Bill confirms the start date of July 1 , 2010, which provides increased benefits to smaller firms as quickly as possible, and clarifies that ‘factory floor R&D' will be included under the R&D Tax Credit.
"Experimental development is important to Australian firms and represents 60 percent of R&D expenditure in Australia. That is why we have made changes to the legislation and explanatory materials to further emphasise support for experimental development," Senator Carr said.
"In addition to amendments to the Bill, the Government has agreed to focus specifically on the dominant purpose test when the R&D Tax Credit is reviewed in three years time. The Government will also establish a panel of R&D Tax Credit users to advise me and the Department on any unforseen consequences of the new R&D Tax Credit."
http://www.innovation.gov.au/
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