Exposure draft legislation and explanatory materials for the new R&D tax incentive were released for public comment on 18 December 2009.
The exposure draft legislation follows on from the consultation paper on the design of the new scheme that was released on 18 September 2009.
The Government intends to introduce legislation to implement the new scheme into the Parliament in early 2010.
Treasury received 131 submissions in response to the exposure draft legislation for the research and development (R&D;) tax incentive released in December 2009. There were 112 public submissions, and 19 confidential submissions. The submissions that do not contain confidential material are listed below and are accessible by selecting the author.
The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.
On 24 February 2010, the Treasury wrote to all parties who made a submission on the exposure draft. That letter:
- identified five issues attracting a majority of concerns;
- invited stakeholders to provide additional examples of 'genuine R&D;' excluded from the new incentive by the exposure draft legislation; and
- undertook to provide a second exposure draft of the legislation for further commen