The Government on Fri 3.8.2012 released for comment a Treasury consultation paper on the design of the R&D Tax Incentive quarterly credits proposal, which is aimed at providing more timely access for small and medium sized companies to the tax incentive. Under the proposal, quarterly credits will be available to small and medium sized companies eligible for the R&D refundable tax offset.
The quarterly credits would be an opt-in element of the R&D Tax Incentive for companies with an annual aggregated turnover of less than $20m. 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.
It is proposed that the quarterly credits will be accessible for each quarter commencing on or after 1 January 2014.
The paper is available on the Treasury website.
COMMENTS are due by 31 August 2012.
Source: Assistant Treasurer’s joint media release No 083, 3 August 2012
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