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MJA Updates

R&D Bill Referred To Senate Committee

October 18, 2018 Kris Gale

Yesterday, the R&D tax Bill, Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018, was referred to the Senate Economics Legislation Committee (the Committee) for an inquiry.

As part of this inquiry, the Committee is seeking comments on the Bill with public submissions closing on 5 November.  The Committee is then scheduled to report on the inquiry by 3 December.

MJA are encouraged that this referral will now allow for a more transparent and robust debate to ensure the proposed cuts to the program do not proceed.  We look forward to this opportunity to provide our feedback to the Committee as to why we believe the proposed changes in the Bill, including the proposed R&D intensity model for the Non-Refundable Offset, will be the worst changes in the more than 30 year history of the program.

We encourage all Australian taxpayers to provide the Committee with your comments on the Bill and the impact the proposed cuts will have on your ability to conduct your R&D in Australia.

We will, of course, keep you up-to-date with progress of this R&D inquiry.

Should you wish to discuss this matter further or would like to be involved in this process, please do not hesitate to contact Kris Gale on 02 9810 7211 or email kris.gale@mjassociates.com.au

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