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ARTICLE · 09 JUNE 2010

Research Development Tax Incentive System:R & D - innovative, risky, or simply experimental?

Norton Rose Fulbright Australia
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The Government announced the changes to the R&D tax concession system in the 2009 Budget, and almost exactly one year later, on 13 May 2010, the Tax Laws Amendment (Research and Development) Bill 2010 and the Income Tax Rates Amendment (Research and Development) Bill 2010 were introduced into Parliament to implement the changes. The Bill will repeal the existing R & D provisions in the 1936 Tax Act and introduce a new Division 355 in the 1997 Tax Act. The administrative rules and the role of Inn

AustraliaTax
David Stavropoulos
David Stavropoulos
Anna Wilson
Anna Wilson
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Changes to the research and development (R & D) tax incentive system are due to commence 1 July 2010. What expenditure will qualify for the new concessions and incentives?

The Government announced the changes to the R&D tax concession system in the 2009 Budget, and almost exactly one year later, on 13 May 2010, the Tax Laws Amendment (Research and Development) Bill 2010 and the Income Tax Rates Amendment (Research and Development) Bill 2010 were introduced into Parliament to implement the changes. The Bill will repeal the existing R & D provisions in the 1936 Tax Act and introduce a new Division 355 in the 1997 Tax Act. The administrative rules and the role of Innovation Australia will be set out in a new Part III of the Industry Research and Development Act 1986.

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