In the 2009-10 Budget, the Government announced that the existing research and development (R&D;) tax concession will be replaced with a new R&D; tax incentive from 1 July 2010.
On 18 September 2009, the Treasurer and Minister for Innovation, Industry, Science and Research released a consultation paper on the new R&D; tax incentive. Interested parties are invited to make a submission on the consultation paper by Monday, 26 October 2009.
A further round of public consultation on exposure draft legislation and associated explanatory materials will occur later in 2009. Legislation to implement the new scheme will be introduced into the Parliament in early 2010.
A number of public forums will be held during September and October 2009.