Business owners are being invited to weigh in on how the R&D Tax Credit will be administered, with the tax now open for public consultation.
The R&D Tax Credit will replace the R&D Tax Concession, and will provide eligible companies with a tax offset for expenditure on eligible research and development activities. The R&D Tax Credit will apply to activities and expenditure in income years commencing on or after 1 July 2011. For activities undertaken in the period up to and including 30 June 2011, the R&D Tax Concession still applies.
As part of the consultation process, business owners can review the exposure draft regulations, the decision making principles and their accompanying explanatory statements.
Closing date for submissions is 5 August.
For more information, or to provide your feedback on the proposed R&D Tax Credit, visit the Business Consultation website.