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Democrats win major boost to R & D.

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Senator Natasha Stott Despoja Leader of the Australian Democrats 27th September 2001 MEDIA RELEASE 01/575

Democrats win major boost to R&D The Senate today backed Democrat amendments to provide a more generous tax concession for business investment in research and development.

Senator Natasha Stott Despoja, Leader of the Australian Democrats, welcomed the Government’s support of amendments, which address the serious decline in business R&D.

“Australia’s national investment in R&D, both public and private, is not internationally competitive,” said Senator Stott Despoja.

“The Democrat changes remove the draconian elements of the Government’s Bill including the tightening of definitions.

“The Bill introduces two new measures - an R&D tax rebate for small businesses and a 175% premium concession.

“The Government has agreed to remove the contentious changes to treatment of trading stock and feedstock.

“An additional Democrat amendment requires guidelines for R&D plans to take into account the size and complexity of research projects and the size of companies.

“This measure will ensure that guidelines do not become a serious barrier by setting in place onerous compliance requirements on business.

“The Democrats welcome the Government’s recognition of our concerns and we are confident that this Bill will translate into an urgently required boost to Australia’s investment in R&D”, concluded Senator Stott Despoja.

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