R&D tax incentive Miscellaneous 2021

R&D tax incentive amendments

Source: Taxation In Australia Journal Article

Published Date: 1 Aug 2021


The research and development (R&D) tax incentive is the government's primary mechanism to encourage business R&D. The program is accessed by around 12,000 Australian companies annually who register R&D activities. Since its introduction in the 2012 financial year, the R&D tax incentive has been subjected to ongoing instability from proposed and actual changes in legislation and administration. The latest major legislative amendments to the R&D tax incentive passed in October 2020, within the Treasury Laws Amendment (A Tax Plan For The COVID-19 Economic Recovery) Bill 2020. Changes apply from the 2022 financial year. The amendments impact on the mechanisms for calculation of R&D tax offsets and integrity measures. The eventual passing of these amendments occurred following a tumultuous period during which previous Bills to amend the R&D tax incentive stalled in the Senate. This article details the legislative passage of the amendments, along with an explanation of the changes to the R&D tax incentive.

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R&D tax incentive Miscellaneous 2021

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