R&D Tax Offset
What is it?
The R&D Tax Offset will replace the R&D Tax Concession for financial years commencing after 30 June 2010. The draft legislation was released for comment and as there was an exceptional amount of comment, the legislation is being reconsidered and re drafted. In broad terms, the initial announcement identified that the new scheme would be much more generous than the preceding scheme. However, as there appears to also be an attempt to make the scheme revenue neutral, the initial draft of the legislation had a significant number of reductions in categories of eligible expenditure. A summary will be included when the final draft of the legislation is released.