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Thursday, 12 December 1996
Page: 7435

Senator KEMP (Assistant Treasurer)(10.55 p.m.) —It is worth pointing out that the R&D tax concession is being retained at a very concessional rate of 125 per cent. Most R&D is of a capital nature and, under ordinary provisions, it would of course be deductible over a longer period, if at all.

This is a major part of the budget. Make no mistake: this is a major part of the budget. It is worth, to the budget, approximately $1.2 billion to the year 1999-2000. The government believes, as a central part of the budget, the Senate should be prepared to give us the support for the changes we have made to the tax concession for R&D. I urge the Senate to support the government's position.

The TEMPORARY CHAIRMAN —The question before the Senate is that division 1, which reduces the R&D concession from 150 per cent to 125 per cent, stand as printed.