The R&D Bill read into Parliament today
This morning, in the shadow of the Federal Budget, the Bill to introduce the R&D Tax Credit was read into parliament. This Bill has failed to take on any of the major concerns raised in either consultation phases of the Christmas and Easter drafts, with the possible exception of the augmented feedstock provisions. As such it is largely the Easter draft with a few minor modifications. The Government suggests the following changes have been made:
- changes to the new feedstock provision
- halving of the number of exclusions from core R&D
- revamping of the ‘clawback’ provisions
- removal of the additional ‘knowledge’ from the definition of core R&D
- adjustment to the objects clause
To find the Bills and the Explanatory Memorandum (EM) please click on the words below:
- Bill
- Rates Bill and
- the EM
We understand the Senate process will commence shortly and you can follow the Bills progress here. We will also send further updates with any news and we will be in touch soon with a more detailed analysis of the Bill.
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.
Comments
- The R&D Tax Incentive – Like the Footy Finalists, Take It One Week at A Time
- R&D Tax Credit finally passed through the Senate
- Alas, poor R&D project, we knew you well
- Are We There Yet? Are We There Yet? Are We There Yet?
- MJA on Switzer
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