Targeting Access Bill Passed in Senate

February 13, 2015 Kris Gale

Late yesterday the Senate passed the Tax Laws Amendment (Research and Development) Bill 2013, with a PUP amendment giving effect to a reduced tax offset for expenditure in excess of $100 million, to be applied retrospectively from income years commencing after 1 July 2014. A proposed Greens amendment to introduce quarterly credits failed to pass, as did a Labor Party amendment to move the start date of the measure to 1 July 2016.

A full MJA response laying out the consequences of this new legislation on the operation of the R&D tax incentive will follow very soon.

Should you wish to discuss this matter any further, please do not hesitate to contact Melanie Reen directly on (02) 9810 7211 or on melanie.reen@mjassociates.com.au