In February 2020, the Senate referred the provisions of the Treasury Laws Amendment (Research and Development Tax Incentive) Bill (the Bill) 2019 to the Economics Legislation Committee for inquiry and report by 30 April 2020. This was then extended to 7 August,and then to24 August, presumably due to the restrictions imposed by Covid 19.
On Friday 21 August 2020, the Senate Economics Legislation Committee agreed to further extend this to 12 October 2020. The 2020/21 Budget is being handed down on 6 October 2020, so we will keep you posted as to progress of this Committee report, the Bill and what the Budget might have to say on the matter, as they arise.
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