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News Flash: R&D Tax Credit Is Being Rewritten

The Treasury has announced that the draft legislation that delivers the new R&D Tax Credit is being rewritten to make it clearer and less complex.

 The letter below sets out the scope of the review including five major concerns that have been reflected in the recent submission process: 

• Definition of Core R&D Activities
• Definition of Supporting R&D Activities and the extension of the Excluded Activities list
• R&D activities involving software
• Registration of core and supporting activities
• Augmented Feedstock rule

 To that list, MJA will be highlighting concerns regarding the Object clause, the “expenditure not at risk” provision and the changed compliance regime.

 The Treasury is seeking examples of “genuine R&D” that are believed not to be entitled to support under the proposed regime and any other suggestions that parties may have. These can be submitted directly via rdtaxcredit@treasury.gov.au or MJA would be happy to facilitate any responses that you might have.

 We are greatly encouraged by this news and strongly urge you to have your voice heard.

 Should you wish to discuss this matter any further, please do not hesitate to contact Kris Gale directly on (02) 9810 7211 or using our contact form to discuss the matters raised in this MJA Update in greater detail.

 

 

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About Michael Johnson Associates

Founded in 1983, Michael Johnson Associates (MJA) is Australia's leading specialist R&D tax concession firm. We work with organisations of all sizes to help them understand the benefits of a compliance approach to R&D tax concessions and grants.

We know the complex legislation, amendments and guidelines related to government programs inside out - we deal with them every day. We also write the commentary on the R&D tax incentive for the CCH Federal Tax Reporter.

Please contact us on (02) 9810 7211 or via e-mail to see how we can be of help to you.

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