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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