15 Apr 13 New quarterly credits payment option for the R&D Tax Incentive refundable tax offset announced
In media release No 2013/048, issued 12 April 2013, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, announced the release of draft legislation for the new quarterly credits payment option for the R&D Tax Incentive refundable tax offset.
"This is the first time that Australian income tax law has provided for a refundable tax offset to be paid before the end of the income year. It adds to the tax reforms that the Government has already implemented to foster small business growth," Mr Bradbury said.
The change applies to eligible companies with an annual turnover of less than $20 million.
The closing date for submissions is Friday 10 May 2013.