Home Funding & Finance Federal R&D Tax Credit Bill passes, more changes to come

Federal R&D Tax Credit Bill passes, more changes to come


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

Get unlimited access to our FREE business tools…

Need to raise capital? Want to become a more persuasive presenter? Want to master social media? Is it time to overhaul your website? Unlock the library to get free access to free cheat sheets and business tools. Click here for free business tools.