Yesterday, the 45th Parliament introduced the Budget Savings (Omnibus) Bill 2016 which included a range of measures to progress towards “fiscal repair”. One of these 24 measures was the re-introduction of mooted cut to the R&D Tax Incentive.
The Bill proposes a 1.5% rate cut to all eligible entities but, unlike the previous incarnation, this Bill is not retrospective and proposes to cut the rate for R&D Tax Incentive claims commencing on or after 1 July 2016.
MJA will work closely with the relevant parties throughout the legislative process and we will ensure to keep you updated on the Bill’s progress.
Should you wish to discuss this matter further, please do not hesitate to contact
Sarah Lander on 02 9810 7211 or email firstname.lastname@example.org
MJA updates keep you informed on how government decisions will effect your business. This is a must if you want to know the latest on business and company insights without having to read and decipher complicated law and tax manuscripts.