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.