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Impending changes to the R&D tax incentive

May 2018


Scott Morrison has used an address to the AFR Banking and Wealth Summit to discuss the R&D tax incentive review, indicating that changes will be implemented to the R&D tax incentive that focuses on the concept of 'R&D additionality'.

The Treasurer has used an address to the AFR Banking and Wealth Summit to discuss the R&D tax incentive review, which focused on the need to ensure that public money which is used to fund the incentive is generating maximum benefit for the Australian economy.

The R&D tax incentive has long been a concern for the ATO and Government, in particular, a large number of claimants and the high value of amounts claimed under the incentive, which has fuelled concerns that it is not operating as intended.

As a result of the review, the Government has indicated that changes will be implemented to the R&D tax incentive that focuses on the concept of 'R&D additionality', things that would not have happened without the incentive, and rewarding the intensity of R&D efforts.

The proposed "relaunch" of the R&D tax incentive will likely include an overhaul of the types of activities and expenditure that are eligible.

As always, it's important to get advice. Contact us on 02 9957 4033 for more information.

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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