Monday 21 September 2009

R&D Tax Credit Consultation Paper

The Australian Government recently released a consultation paper on the Department of Treasury's website for the new R&D Tax Credit entitled The New Research and Development Tax Incentive.  The Government is seeking written submissions from interested parties. 

This is an opportunity for Australian industry to assist the Government develop a new research and development initiative to set the foundations for a productive and competitive Australia .  Government are seeking views from small, medium and large enterprises likely to claim the new R&D Tax Credit announced in the 2009‑10 Budget.

There are two core components of the new R&D Tax Credit. These are a non‑refundable 40 per cent Standard R&D Tax Credit and a 45 per cent Refundable R&D Tax Credit for companies with a turnover of less than $20 million. 

Meetings to inform small, medium and large enterprises of details in the Consultation Paper will be held in September / October 2009 bookings are being taken through an online facility on AusIndustry's website and the AusIndustry Hotline.  Consultations close on 26 October 2009.  

The Brisbane Session will be held – Wednesday 30 September 2009 from 9:00am – 12.00pm at the Sebel & Citigate King George Square (Corner of Ann and Roma Streets.)

This consultation process is to consult industry on the policy and design of the new initiative. Comprehensive industry information sessions for customers will be held later in 2009-10 ahead of the program commencing on 1 July 2010. 

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