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Howard Badger

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R&D Incentive - Application for Advance Findings Form has been released

A significant benefit of the new R&D incentive is that applicants can obtain an advance finding of whether their activities are eligible R&D activities.  This is important as it provides some comfort in respect to whether they will benefit from the incentive.

The Application for Advance Findings form, which determines whether activities are eligible R&D activities, has now been made available following the registration of the Industry Research and Development (R&D) Regulations 2011 on 25 November 2011.

The New R&D Tax Credit

Parliament has passed the Tax Laws Amendment (Research and Development) Bill 2010 and the Income Tax Rates Amendment (Research and Development) Bill 2010.  The new R&D Tax Credit Program will replace the R&D Tax Concession effective from 1 July 2011. The new R&D Tax Credit provides a more generous incentive but is limited by tighter definitions of R&D.

The New Research & Development Tax Credit: What does this mean for you?

The Federal Government recently released the draft legislation for the new R&D Tax Credit.  The draft legislation significantly increases the benefit of the R&D concession, particularly for companies with group turnover below $20 million.  However, the draft legislation also makes it considerably more difficult to access the concession.

Small business and rural property holders to receive exclusions from new private company deemed dividend rules - changes to budget announcement

Following consultation with key bodies, the Government has released details of the 2009-10 Budget measure to tax private company shareholders on the private use of their company’s assets.


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