24 Aug 11 R&D Bills await Royal Assent
On 23 August 2011, Tax Laws Amendment (Research and Development) Bill 2010 and Income Tax Rates Amendment (Research and Development) Bill 2010 were passed by the Senate with Government amendments.
The Bills amend the ITAA1997 to replace the existing research and development (R&D) tax regime with a 45% refundable R&D tax offset for eligible entities with a turnover of less than $20 million, and a non-refundable 40% R&D tax offset for all other eligible entities.
The amendments postpone the start date of the new R&D regime to 1 July 2011, and introduce a quarterly credit regime. For a copy of the Supplementary Explanatory Memorandum, go here
On 24 August 2011, the Bills returned to the House of Representatives, where the House agreed to the amendments.
The Bills now await Royal Assent.