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30 Sep 10 Research and development - Tax Laws Amendment (Research and Development) Bill 2010

This Bill was introduced into the House of Representatives on 30 September 2010. Together with a supporting Bill, the Income Tax Rates Amendment (Research and Development) Bill 2010, the Bill will implement the government's new tax incentive for research and development (R&D).

The new R&D tax incentive replaces the existing R&D Tax Concession for all income years starting on or after 1 July 2010.

The two core components of the new R&D incentive are:

  • 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.

Accompanying this change of rates and delivery mechanism is a clearer and better targeted definition of eligible "R&D activities" that will ensure that the incentive is available in circumstances consistent with the underlying rationale for government intervention.

For the full texts of the Bill and its Explanatory Memorandum go here.

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