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17 Jun 10 Research and Development Bills passed by House

On 17 June 2010, the House of Representatives passed Tax Laws Amendment (Research and Development) Bill 2010 and Income Tax Rates Amendment (Research and Development) Bill 2010 without amendment.

The Bills amend the ITAA 1997 to replace the existing research and development (R&D) tax concession 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; amend the Industry Research and Development Act 1986 to set out the role of Innovation Australia in relation to the administration of the R&D tax offset; and amend ITAA 1936, ITAA 1997, Income Tax (Transitional Provisions) Act 1997 and Taxation Administration Act 1953 to make consequential amendments.

The Bills now proceed to the Senate.


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