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January, 2025

If R&D Tax Law is going to be changed effective 1 July, (as announced in the FY25 MYEFO), how about making these changes too?

January 30th, 2025

A surprising announcement was made by The Government in the FY25 MYEFO released in late December 2024, which took the unprecedented step of announcing an eligibility restriction to be applied to specific sectors. The MYEFO budget papers noted: The Government will exclude activities related to gambling and tobacco from Research and Development Tax Incentive eligibility for income years starting on or after 1 July 2025. Research and development activities related to gambling can exacerbate addiction and associated harms, while activities related […]

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R&D Tax Incentive expenditure exceeded the Industry Department’s projections

November 4th, 2024

Reporting by InnovationAus has detailed how the value of Australia’s Research and Development Tax Incentive (“RDTI”) has significantly exceeded the Industry Department’s projections by nearly $860 million for the last financial year. Recent Government data reveals that the RDTI accounted for 30.9% ($4.23 billion) of all Commonwealth R&D investment in 2023-24, an increase from the expected 27% ($3.37 billion). The revised RDTI expenditure significantly influenced the total estimated R&D expenditure for the 2023-24 financial year, which increased from $12.6 billion to $13.8 billion. The final […]

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