With the government’s recent R&D cuts from groups with revenue over $20 billion, there is some uncertainty surrounding the Australia’s commitment to research and development. A recent article in the Australian Financial Review explores the possibility that Australian businesses might look to invest elsewhere where R&D tax credits are more stable.
From 1 July 2012 companies can begin to claim under the new R&D Tax Incentive. The R&D Tax Application Form is now available on the AusIndustry website. The new legislation contains some significant changes, which any company intending to claim R&D for the 2011 tax year should be aware of. The new legislation provides the following incentives for companies: 45% refundable tax credit where turnover is below $20m (150% deduction) 40% non refundable tax credit where turnover is above $20m […]