Published on 01 Mar 98
by THE TAX INSTITUTE
We thank you for the opportunity to respond to the discussion paper issued by the Department
of Industry, Science and Tourism (DIST) in relation to the definition of R&D under section
73B of the Income Tax Assessment Act 1936 (the Act).
We understand that the discussion paper is in response to the Prime Minister's Industry
statement, Investing in Growth, announced in December 1997, where he essentially endorsed
the Government's continued support of the R&D tax concession, and committed to
"streamline" and "clarify" the scheme. All agree that the statement was not intending to:
7 narrow the definition or the context of the scheme;
7 alter the definitions where clarity exists; or
7 reduce accessibility of the scheme to business.
TAX POLICY & RESEARCH DIVISION