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Bills of the current Parliament

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Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019


Type
Government
Originating house
House of Representatives
Status
Before Senate
Portfolio
Treasury

Summary

Amends the: Income Tax Assessment Act 1997 and Tax Laws Amendment (Research and Development) Act 2015 to: permanently increase the research and development (R&D) expenditure threshold from $100 million to $150 million; link the R&D tax offset for refundable R&D tax offset claimants to their corporate tax rates plus a 13.5 percentage point premium; cap the refundability of the R&D tax offset at $4 million per annum; and increase the targeting of the R&D tax incentive to larger R&D entities with high levels of R&D intensity; Income Tax Assessment Act 1997 to extend the concept of tax benefits in the general anti-avoidance rule in Part IVA of the Income Tax Assessment Act 1936 to include the R&D tax offset; Income Tax Assessment Act 1997, Income Tax Rates Act 1986 and Income Tax (Transitional Provisions) Act 1997 to: remake and consolidate provisions relating to clawback of R&D recoupments and feedstock adjustments; introduce a new uniform clawback rule that applies for recoupments, feedstock adjustments and balancing adjustment amounts included in an R&D entity's assessable income; and introduce a new catch-up rule for R&D assets; Taxation Administration Act 1953 to require the Commissioner of Taxation to publish information about relevant activities of R&D entities claiming the R&D tax offset following a two-year delay; Industry Research and Development Act 1986 (IR&D Act) to: provide for the Board of Innovation and Science Australia (ISA) to make a determination, by notifiable instrument, about how it will exercise its powers and perform its functions and duties; and expand the existing power of the Board of ISA and its committees to delegate some or all of their functions to include certain members of the Australian Public Service; and Industry Research and Development Decision-making Principles 2011 to provide that extensions of time granted under the IR&D Act may relate to certain applications.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 05/12/19  
Second reading moved 05/12/19  
Second reading debate 06/02/20  
Second reading agreed to 10/02/20  
Third reading agreed to 10/02/20  
     
Senate
Introduced and read a first time 10/02/20  
Second reading moved 10/02/20  
     

Text of bill

  • First reading

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes