2010

The New R&D Tax Credit - The End of The World as We Know It?

Source: Victoria

Published Date: 12 May 2010

 
The Federal Government's New R&D Tax Credit represents the single largest change to government support for innovation in 25 years.

Initial responses to the credit were favourable. It was announced that the base level of support would rise and some of the complexities of the current R&D Tax Concession would be removed.

Treasury was set the task of drafting the legislation and the material released to date heralds a clear intention to dramatically narrow the types of projects and range of activities that would qualify for the R&D tax relief.

After a protracted "consultation" process where the expressed concerns of stakeholders were largely ignored, the Government is now attempting to rush through partially-unreleased legislation with a view that it becomes operative law on 1 July.

This event outlined the proposed changes, assessed the potential impact on corporate R&D claims and detailed the current state of play as the Credit Bill is sent to a Senate Committee for review.

The Tax Laws Amendment (Research & Development) Bill 2010 - Response to second exposure draft

Author(s): Kris Gale

Details

  • Published On:12 May 2010
  • Took place at:RACV Club, Melbourne

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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