The New R&D Tax Credit – The End of The World as We Know It?
Published on 12 May 2010
| Took place at RACV Club, Melbourne
The Federal Government's New R&D Tax Credit represents the single largest change to government support for
innovation in 25 years.
Initial responses to the credit were favourable. It was announced that the base level of support would rise and
some of the complexities of the current R&D Tax Concession would be removed.
Treasury was set the task of drafting the legislation and the material released to date heralds a clear intention to
dramatically narrow the types of projects and range of activities that would qualify for the R&D tax relief.
After a protracted "consultation" process where the expressed concerns of stakeholders were largely ignored, the Government is now attempting to rush through partially-unreleased legislation with a view that it becomes operative law on 1 July.
This event outlined the proposed changes, assessed the potential impact on corporate R&D claims and detailed the current state of
play as the Credit Bill is sent to a Senate Committee for review.