As part of the 2009-10 Budget, the Federal Government announced its plan to replace the current R&D Tax Concession Scheme with a new two-tier R&D Tax Credit Program from 2010-11. The Government indicated it would conduct a review of the eligibility requirements for this program to ensure only genuine R&D is funded under this new scheme.
Exposure draft legislation and explanatory materials for the new R&D tax incentive were released for public comment on 18 December 2009. The exposure draft legislation follows on from the consultation paper on the design of the new scheme that was released on 18 September 2009. The Government intends to introduce legislation to implement the new scheme into Parliament in early 2010.
This session provided practitioners with an overview of the draft legislation and explanatory materials and detailed the implications for clients.