Consultation on new R&D Tax Credit30 September 2009The Australian Treasurer, Wayne Swan, and the Minister for Innovation, Industry, Science and Research, Kim Carr, have jointly announced that consultation will begin with key stakeholders on the design features of a new R&D Tax Credit, which is expected to take effect in the middle of next year. Mr Swan said that this new tax credit “is the biggest reform to business innovation support for more than a decade.” The Treasurer said that the new R&D tax credit will boost investment, support jobs and strengthen Australian companies so they can take full advantage of new opportunities as the economy recovers. Senator Carr said that all businesses will stand to benefit, in different ways, from the reformed scheme. “The aim of the new Tax Credit is to provide more predictable, less complex support to business.” Submissions on the new R&D tax credit are due by October 26. More information |