The Government on Fri 12.4.2013, released for comment draft legislation for the new quarterly credits payment option for the R&D Tax Incentive refundable tax offset.
The new feature of the R&D Tax Incentive would allow eligible small and medium companies to access their R&D refund on a quarterly instalment basis. Quarterly credits will mean that, from 1 January 2014, eligible companies with an annual turnover of less than $20m will be able to receive support during the income year they are undertaking eligible R&D.
The draft legislation and explanatory materials are available on the Treasury website.
COMMENTS are due by 10 May 2013.
Source: Assistant Treasurer’s media release No 048, 12 April 2013
[LTN 69, 12/4/13]