ARTICLE · 28 MAY 2013

Draft legislation on the refundable tax offset for R&D released for comment

Moore Australia

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The measure will improve cash flow by making the refundable tax offset available quarterly rather than after assessment.

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The Government has released for comment draft legislation for the new quarterly credits payment option for the R&D Tax Incentive refundable tax offset.

This measure is intended to improve cash flow of applicants by making the refundable tax offset available quarterly rather than receiving the entire offset after assessment of the income tax return. It is intended to commence from the quarter starting 1 January 2014.

R&D Tax Incentive refundable tax offset is provided to eligible companies with an annual aggregated turnover of less than $20m. It is refundable in that it provides companies with tax losses a refund of 45% of their eligible R&D expenditure rather than just receiving additional tax deductions.

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