R&D in Australia: The new R&D tax incentive
Source: Taxation In Australia Journal Article
Published Date: 1 Oct 2011
The new R&D tax incentive regime replaces the R&D tax concession program, with an effective start date for the first financial year starting on or after 1 July 2011. According to the government, the key features of the new system include "more generous benefits, in particular for SMEs, a clearer definition of R&D activities" and "greater certainty in R&D investment, with companies able to seek an advance finding from Innovation Australia where they are uncertain of the eligibility of their activity".
This article examines the R&D tax incentive in detail, and concludes that, in the opinion of both industry and the R&D tax consulting business, the new incentive is fraught with uncertainty surrounding the eligibility of activities and an increase in compliance requirements. The increased base rate offered by the new incentive is positive for industry. However, given the perceived tightening of eligibility criteria, the actual R&D incentive available may be smaller overall.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Details
- Published By: Jason Crawford CTA, Damian Sawang
- Published On:1 Oct 2011
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page