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Tuesday, 19 December 2017
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R&D Tax Credit

R&D Tax Credit - Can we help you?

LSQ has a number of Members who can provide professional advice and services relating to the R&D Tax Incentive. If you would like to be put in contact with one or more of these members please click here.

             

February 2013: UPDATE - Government announces changes to R&D tax incentive expected to affect top 20 companies - 18 February 2013.

On Sunday 17 February 2013, the Government released its Industry and Innovation Statement, “A Plan for Australian Jobs”, which contained some changes to the R&D Tax Incentive program.

Effective from 1 July 2013, very large businesses with annual aggregate Australian turnover of $20 billion or more will no longer be able to access the non-refundable 40 per cent R&D tax offset for each dollar of R&D expenditure. Instead, these businesses will be able to claim their R&D expenditure under general tax law provisions.

The changes are expected to affect the top 20 companies out of the 10,000 businesses that are undertaking eligible R&D activities each year. The Government reaffirmed its supporting commitment to small and medium sized businesses undertaking R&D.

Exposure Draft legislation outlining this change is expected to be issued in the coming months which is anticipated to include a definition of "annual aggregate Australian turnover". We will keep you informed regularly as further details become available.

Source: Sandra Mason, National R&D leader, PwC.