Boost to R&D
Wednesday, 03 October, 2001
The Minister for Industry, Science and Resources, Senator Nick Minchin, has confirmed the passage of legislation to the Research and Development Tax Concession.
The legislation ensures a new 175% premium rate for additional R&D, whilst maintaining a significant 125% base rate for all business expenditure on R&D, including R&D plant. Removal of the exclusive use rule for R&D plant will enable small companies to claim the Tax Concession for plant used only partly for R&D purposes.
The legislation also announces a new R&D tax rebate for small businesses. This means small business will now be able to claim the R&D concession as a rebate instead of as a tax concession. Over 1,500 small businesses will be able to access this rebate, 51% of the total registrants for the Concession.
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