The passage last Thursday of the Tax Laws Amendment Bill (2009 Measures no 4) represents the Rudd Government’s first significant milestone on the road to delivering a more streamlined R&D Tax Credit for innovative Australian businesses.
The bill sets the foundation for the new R&D Tax Credit, first outlined in the Government’s 2009-10 Budget, which is due to take effect from 1 July, 2010.
The main impact of the bill is to lift the maximum amount a firm can spend on Research and Development (R&D) and remain eligible for the Tax Offset from $1 million to $2 million for the 2009-10 financial year.
Following the Bill’s passage, Federal Innovation Minister Senator Kim Carr urged all eligible firms to take advantage of the increased cap.
Further information on the R&D Tax Offset, the new R&D Tax Credit and the consultation process is available at www.ausindustry.gov.au
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