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.