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R&D tax incentive amendments
Published on 01 Aug 21 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The research and development (R&D) tax incentive is the government’s primary mechanism to encourage business R&D. The program is accessed by around 12,000 Australian companies annually who register R&D activities. Since its introduction in the 2012 financial year, the R&D tax incentive has been subjected to ongoing instability from proposed and actual changes in legislation and administration. The latest major legislative amendments to the R&D tax incentive passed in October 2020, within the Treasury Laws Amendment (A Tax Plan For The COVID-19 Economic Recovery) Bill 2020. Changes apply from the 2022 financial year. The amendments impact on the mechanisms for calculation of R&D tax offsets and integrity measures. The eventual passing of these amendments occurred following a tumultuous period during which previous Bills to amend the R&D tax incentive stalled in the Senate. This article details the legislative passage of the amendments, along with an explanation of the changes to the R&D tax incentive.
Author profiles
Damian Smyth
Damian is Swanson Reed’s Chief Executive Officer. He is active in innovation tax policy issues and regularly involved in consultations during proposed changes to the R&D tax incentive and other measures impacting start-ups and companies undertaking R&D activity. Damian has a wealth of experience in the hands-on preparation and substantiation of R&D claims and managing ATO/AusIndustry compliance matters. - Current at 05 September 2017
Andy NGUYEN
The Tax Institute is Australia's leading professional association and educator in tax providing the best resources, professional development and networks.