Government Policy and Treasury

2014 Budget Update: Minor Reduction in R&D Tax Offset – Grant Funding Abolished

May 14th, 2014

Announced in the recent Federal Budget was the Government’s plan to raise over $1 Billion by cutting funding to the R&D Tax Incentive and a range of grants. The savings from these measures will be redirected to repair the Budget and fund policy priorities. Proposed Reduction to the R&D Tax Incentive The R&D Tax Incentive operates whereby a company forfeits a general income tax deduction for their R&D expenditure in exchange for a turnover determined R&D Tax Offset. The permanent […]

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R&D Tax Incentive Advisory Committee revoked

April 14th, 2014

On 24 March 2014 the Minister for Industry, Ian Macfarlane announced that effective from 31 March 2014 the R&D Tax Incentive Advisory Committee of Innovation Australia would be revoked, pursuant to subsection 22(1) of the Industry Research and Development Act 1986 (IR&D Act). The committee was part of the Industry portfolio and functioned in an advisory capacity. The committee’s primary responsibility was providing advice to the Innovation Australia Board regarding the operations of the R&D Tax concession program for income […]

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R&D tax $20 billion turnover

November 6th, 2013

As part of the Government’s ongoing commitment to restore simplicity and fairness to the Australian tax system, today, Treasurer Joe Hockey announced the re-tabling of many bills that were introduced by the previous parliament. Of the 92 unlegislated tax and superannuation changes, the Government will proceed with 18 initiatives, including a bill that will deny access to the R&D tax $20 billion turnover companies.  The Government has announced that this measure alone will raise $1 billion in revenue. The Government intends […]

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Have Quarterly Credits gone the way of the Dodo?

October 28th, 2013

The Tax Laws Amendment (2013 Measures No. 4) Bill 2013 aimed to establish a new scheme for making refundable tax offsets available in quarterly installments. Under that proposed scheme, eligible small and medium companies would access installments on a quarterly basis in anticipation of claiming the 45 per cent research and development refundable tax offset at the end of the income year.  It is the first of its kind in Australia. However, with a new Parliament comes a new plan […]

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