Summary
Introduced with the Income Tax Rates Amendment (Research and Development) Bill 2010, the bill amends the: Income Tax Assessment Act 1997 to replace the existing research and development (R&D) tax concession with a 45 per cent refundable R&D tax offset for eligible entities with a turnover of less than $20 million, and a non-refundable 40 per cent R&D tax offset for all other eligible entities; Industry Research and Development Act 1986 to set out the role of Innovation Australia in relation to the administration of the R&D tax offset; and Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and Taxation Administration Act 1953 to make consequential amendments. Also contains application, savings and transitional provisions.