When Malcolm Turnbull requested the Governor General to prorogue Parliament to deal with a hostile Senate, he (most likely unintentionally) caused the Bill to cut the rate of the R&D Tax Incentive by 1.5% to lapse on Sunday night.
The Bill, which had proposed a rate cut to apply retrospectively for all claims from 1 July 2014, has been up for consideration by the Senate since June last year. It was first introduced to the Lower House back in May 2015 and it has caused some uncertainty for all claimants, particularly those entitled to receive a refundable 45% tax offset.
But what does a lapsed Bill mean? Well, we have had to refresh our memory of our “Introduction to Law” classes to remember.
A lapsed bill can still be debated by the Senate in its current form if the Senate chooses to resume consideration of that bill. However, and this is a big however, if a general election is called before the Senate is due to sit again, then the bill cannot be re-considered in its current form and would need to be introduced as a new bill in the Lower House.
Given Malcolm Turnbull announced this week that he would ask the Governor General after the 3 May Budget to dissolve both houses of Parliament and call an election on 2 July, it seems highly unlikely that the rate cut Bill will be debated.
But so much can change in a week or two of Australian politics and we are not (just yet) confident to confirm that the rate cut Bill is dead. We will continue to watch this space.
May 2016 Hargraves Conference – The Secrets Of Innovation Success
Why do some innovation teams do better? How do some companies innovate year after year? What are the secrets of innovation?
Proven innovation tools, like design thinking, agile and lean work very well. Other innovation tools help deliver through high performing people and teams. You need both.
Ten years research by Hargraves Institute across many sectors has identified the ‘secrets of innovation success’ to be innovation team tools that complement the proven tools.
MJA has worked with Hargraves since it began addressing these big innovation questions and we are delighted to recommend their upcoming event.
The Hargraves Conference 2016 is a showcase of the innovation team tools that are the secrets of innovation success. You will hear from successful innovators from Atlassian, Telstra, Intel and many more, all showcasing their innovation team tools. The Conference is being held on 17-19 May at the PARKROYAL Darling Harbour, Sydney.
As a long standing member and friend of the Hargraves Institute we are proud to share this conference with you. Follow the attached link and you will find a special invitation for invited guests. http://www.hargraves.com.au/special-invitation/
Thank you and we look forward to a very successful conference.
Should you wish to discuss either of these matters further, please do not hesitate to contact Kris Gale directly 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.