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MJA Updates
R&D Tax Rate Cut Bill Stalled
It now seems unlikely that the Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015 will be debated in the Senate prior to Parliament’s winter break. The Bill does not appear on today’s order of business which is the last sitting day before the adjournment. Should it not appear today, the earliest the Bill can be debated is 10 August…Bill Introduced to Cut R&D Tax Incentive Benefits
The Federal Government has introduced Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015 which legislates cuts in the R&D Tax Incentive Offset rates of 1.5%, applying to income tax years that commence on or after 1 July 2014. As a result, the Refundable R&D Tax Offset rate falls from 45% to 43.5%. The Non-Refundable R&D Tax Offset rate…“Have A Go” Budget Somewhat Coy About Innovation
The Treasurer has entreated all Australians to get behind his “Have A Go” Federal Budget but there wasn’t much by way of news in the area of innovation support. It could be concluded that the Federal Government is coming over all coy about innovation, given the small number of news stories contained in the detailed announcements. Some Good News The…Proposed 1.5% R&D Tax Offset Rate Cut Defeated In The Senate
Last night the senate voted on the Tax & Superannuation Laws (2014 Measures No. 5) Bill 2014 which included a proposal to introduce an across-the-board cut of 1.5% to the R&D Tax Offset Rates of 40% and 45% from 1 July 2014. This was contained in Schedule 3 of the Bill. The Opposition and Australian Greens proposed an amendment to this to…Senate Hearing Just Completed
The Public Hearing into the Tax Laws Amendment (Research and Development) Bill 2013 by the Senate Economics Legislation Committee was held in Canberra earlier this afternoon. The Committee consisted of Senators Bushby (Chair) and Bishop. Statements were made and questions taken by Caltex, Deloitte and EY. Representatives from Treasury, the ATO and the Department Of Industry simply answered questions and…R&D Tax Incentive: The Debate Around The Merits Of The $100 Million Cap
The recent introduction of the $100 million R&D expenditure cap on R&D Tax Incentive (Incentive) claims as a result of the PUP Amendment to the The Tax Laws Amendment (Research and Development) Bill 2013 has been received with a degree of genuine surprise. The fact that the measure was pushed through without public consultation, without apparent costings and without a clear administrative process (as…Getting your first “cap”. The R&D Tax Incentive: The $100 million expenditure cap and what it means.
With the 2015 Cricket World Cup underway, several players are enjoying the fact that they have received their first World Cup “cap”. It’s a time for personal and national pride and for celebration by family and friends. We’re not sure that the R&D Tax Incentive (the Incentive) has cause for a similar-style celebration in the wake of receiving its first…R&D Tax Incentive – What’s In This Year’s Easter Basket?
After this morning's excitement in Canberra, it is probably fair to assume it will be back to business as usual. And on the first day of the Senate, our old friend, the Tax Laws Amendment (Research and Development) Bill 2013 is listed as Number 5 in the order of business. One thing that can be said about the ongoing saga…Targeting Access Bill Passed in Senate
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…Keep informed
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