Review of R&D tax incentive bill
The Tax Laws Amendment (Research & Development) Bill 2013 passed through the House of Representatives this week and will be assessed by the Senate Economics Legislation Committee.
The bill proposes to amend the Income Tax Assessment Act 1997 to exclude access by companies with assessable incomes over $20 billion or more per financial year to the research and development (R&D) tax incentive.
The amendment, which was proposed by Labor in February 2013, aims to better target the R&D tax incentive to the ‘more responsive’ spending of small firms.
The Coalition government announced it would go ahead with the change in November 2013. It will apply to businesses with income years starting on or after 1 July 2013.
The Senate Economics Legislation Committee will produce a report by 17 March 2014.
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