The Australian Government has released for public consultation a paper on the design and implementation of research and development (R&D) quarterly credits as part of the R&D Tax Incentive program.
In June 2011, the Government announced that it would introduce quarterly credits for small and medium sized companies entitled to the R&D refundable tax offset. Quarterly credits would be accessible for each quarter commencing on or after 1 January 2014.
R&D quarterly credits would be an opt-in element of the R&D Tax Incentive for companies with an annual aggregated turnover of less than $20 million. It would assist companies eligible for the R&D refundable tax offset to obtain the benefit of the offset on a quarterly basis during an income year, rather than waiting until an income tax return is assessed.
The purpose of this consultation paper is to provide interested parties with an opportunity to provide feedback on the proposed arrangements for R&D quarterly credits. This feedback is valuable in ensuring the effective implementation of this measure.
Making a Submission
Interested parties are invited to comment on the consultation papers:
R&D Tax Incentive –Quarterly Credits –Consultation Paper
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
Closing date for submissions: Friday, 31 August 2012
Address written submissions to:
General Manager
Business Tax Division
The Treasury Langton
Crescent PARKES ACT 2600
Email: R&DQuarterlyCredits@treasury.gov.au
For enquiries please call Chris Lyon (02) 6263 3102
