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RSS SubscribeTuesday 15th September 2009
R&D expenditure cap lifted
The Tax Laws Amendment Bill (2009 Measures no 4), an amendment to the Australian Income Tax Assessment Act 1936, has been passed through both houses of Parliament, introducing an interim measure in the lead up to the creation of the new R&D Tax Credit that will replace the existing R&D Tax Concession.
Under the new measure, the R&D expenditure cap for the R&D Tax Offset will be lifted from $1 million to $2 million for the 2009–2010 financial year.
The Innovation Minister, Senator Kim Carr, said the change would boost investment and assist small companies to take advantage of opportunities as the economy recovers.
He said the government would be seeking feedback in the development of the fine details of the new R&D Tax Credit scheme over coming months.
Further information
minister.innovation.gov.au/Carr/Pages/TAXOFFSETCHANGESTOBOOSTRESEARCHDEVELOPMENT.aspx
