In the Federal Budget, released last week, the government has made significant changes to the Research & Development Tax Incentive rules, thus reversing many of the changes that the government had proposed in its previous budget, which have been stalled in the Senate. The government has announced a new commitment of up to $2B to Research & Development Tax Incentive. The changes include the scrapping of the $4M refund limit for companies with annual turnovers of less than $20M. The refundable R & D Tax Offset for small companies (turnover under $20M annually) will be set at 18.5% above the claimant's company tax rate, up from the 13.5% proposed in the Bill that was stalled in the Senate. Read The Full Article Here

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