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R&D Tax Credit open for consultation
Wednesday 13 July 2011
The R&D Tax Credit is now open for public consultation. If you’re a business owner or have a keen interest in this topic, you’re invited to have your say on how the R&D Tax Credit will be administered.
The R&D Tax Credit will replace the R&D Tax Concession, and will provide eligible companies with a tax offset for expenditure on eligible research and development activities. The R&D Tax Credit will apply to activities and expenditure in income years commencing on or after 1 July 2011. For activities undertaken in the period up to and including 30 June 2011, the R&D Tax Concession still applies.
As part of the consultation process, you can review the exposure draft regulations, the decision making principles and their accompanying explanatory statements. Closing date for submissions is 5 August 2011.
For further information, or to provide your feedback on the proposed R&D Tax Credit, visit our Business Consultation.