New tax credit to boost investment in R&D 25 May 2010 Australia has boosted support for Research & Development under new tax incentive legislation which has just been introduced into the country’s parliament. The Minister for Innovation, Industry, Science and Research, Senator Kim Carr, said that from 2010-2011, complex R&D Tax concessions would be replaced with a simplified R&D Tax Credit to give business better incentives to invest in research and development. “The R&D Tax Credit doubles the incentive for small and medium enterprises – the engine room of the economy – while increasing by a third the incentive for big business to undertake R&D,” Senator Carr said. He added that the legislation follows an independent review of the national innovation system, and almost a year of consultation with key stakeholders. More information |