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Tax offset changes to boost research and development.
Ministers for Innovation, Industry, Science and Research
TAX OFFSET CHANGES TO BOOST RESEARCH & DEVELOPMENT The Rudd Government has taken a significant first step towards the biggest reform to business innovation support for more than a decade with the passing of the Tax Laws Amendment Bill (2009 Measures no 4), Treasurer Wayne Swan and Innovation Minister Senator Kim Carr said today.
This Bill follows the Rudd Government’s 2009-10 Budget announcement that it will replace the existing R&D Tax Concession with a new, more streamlined R&D Tax Credit from 1 July 2010.
As part of this Bill, the Government is lifting the Research and Development (R&D) expenditure cap for the R&D Tax Offset from $1 million to $2 million for the 2009-10 financial year.
The cap is the maximum amount a firm can spend on R&D and be eligible for the Tax Offset.
“These changes will boost investment, support jobs and strengthen small Australian companies so they can take full advantage of new opportunities as the economy recovers,” Mr Swan said.
“This interim measure is the first step in a series of significant reforms for all companies, big and small, to the way Government supports R&D investment in Australia,” Senator Carr said.
“In the coming months the details of the new R&D Tax Credit will be refined in close consultation with stakeholders. The Government will be seeking feedback to help develop the scheme.
“Once implemented, the new R&D Tax Credit will provide more effective and predictable support for Australian companies conducting R&D in Australia.
“In the meantime, the Government is addressing a long standing concern about the R&D expenditure threshold for the Offset and I encourage all eligible firms to take advantage of this change,” Senator Carr said.
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
Media contacts: Matthew Coghlan, Treasurer’s Office, 0415 098 050 Catriona Jackson, Minister's Office, 0417 142 238
Innovation Minister > Senator the Hon Kim Carr
Senator the Hon Kim Carr
10 Sep 2009
Page 1 of 1 Minister - Innovation, Industry, Science and Research