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Business to get reduced incentives under proposed R&D legislation
The Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 was introduced in the House of Representatives on Thursday 5 December.
Many Australian businesses carrying out research and development (R&D) activity will be disadvantaged by the proposed legislation which is largely a re-introduction of changes rejected earlier this year by the Senate Economics Legislation Committee. If enacted as drafted, the changes will take effect for income years commencing on or after 1 July 2019.Large companies will see the R&D Tax Incentive (R&DTI) net benefit drop from the current 8.5 percent to a scaled R&D premium – ...
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Authors: David Gelb
Published Date: 09 December 2019
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