14 Nov 13 Tax Laws Amendment (Research and Development) Bill 2013 introduced into Parliament
On 14 November 2013, Tax Laws Amendment (Research and Development) Bill 2013 was introduced into the House of Representatives.
The Explanatory Memorandum to the Bill states that the Bill amends the ITAA 1997 to deny access to the research and development (R&D) tax incentive for companies with aggregated assessable income of $20 billion or more for an income year. The amendment better targets the R&D tax incentive to businesses that are more likely to increase their R&D spending in response to government incentives, delivering a greater return for taxpayers.
The measure applies to R&D entities’ income years starting on or after 1 July 2013. This is before the date of enactment but the Government says that it would not catch taxpayers unawares because the measure was previously introduced in a Bill that lapsed when the Parliament was prorogued for the 2013 federal election.