Legislation has been introduced to Parliament to prevent companies with revenues exceeding $20 billion from claiming the R&D Tax Incentive.
The Tax Law Amendment (2013 Measures No. 4) also contains provisions to allow small companies eligible for a refundable offset under the R&D Tax Incentive, to receive these monies on a quarterly basis. Currently, offsets are provided annually following the lodgement of the claimant company’s annual tax return.
It is uncertain as to whether the proposed changes will be approved prior to the upcoming federal election, as the Bill is still before the House of Representatives. Former Prime Minister Julia Gillard had announced her intention to dissolve Parliament prior to its scheduled return on 20 August, with the federal election scheduled for 14 September 2013. These events would have caused the Bill to lapse.
However, Prime Minister Rudd has not confirmed that the federal election will take place on 14 September. Any delay of the election date would most likely see Parliament return as scheduled on 20 August, with the Bill likely to be passed shortly thereafter.
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Jun 27, 2013.