The Australian government announced on May 27 that new tax incentive legislation to support research and development (R&D) has been tabled in the country’s parliament.
The Minister for Innovation, Industry, Science and Research, Senator Kim Carr, explained 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-sized enterprises – the engine room of the economy – while increasing by a third the incentive for big business to undertake R&D,” 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.
.Tags: tax | law | small business | business | small and medium-sized enterprises (SME) | Australia | tax breaks | tax credits
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment