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 omit this Schedule which was supported. So in great news for the Australian innovation community, the R&D Tax Incentive offset rates will remain unchanged at 40% and 45% for large and small claimants respectively.
Should you wish to discuss this matter any further, please do not hesitate to contact Kris Gale on (02) 9810 7211 or kris.gale@mjassociates.com.au