On 15 June 2011 the Treasurer, Mr Wayne Swan, announced that the new R&D tax credit scheme will go ahead with effect from 1 July 2011, the Government having secured the support of crossbench senators to secure passage of the legislation: Treasurer’s media release No 066, 15 June 2011. Presumably this means that the Tax Laws Amendment (Research and Development) Bill 2010, which has been in the Senate since 23 November 2011, will be passed.
Following discussions with the Greens, the Government will introduce quarterly payments for small and medium businesses from 1 January 2014.
An advisory group will be established through the Innovation Australia Board to monitor the implementation and operation of the Credit. The Government, through AusIndustry, will run an extensive education program to ensure firms are kept up to date.