On 31 March 2010, the Treasurer and Minister for Innovation, Industry, Science and Research released a second exposure draft of the legislation and explanatory materials for the new R&D; tax incentive.
This second exposure draft revises the first exposure draft released on 18 December 2009. In light of the feedback received on the first exposure draft, changes have been made to ensure that the legislation is clearer and to remove unintended consequences.
Treasury has also published a consultation guide to assist stakeholders in navigating the differences between the first and second exposure drafts.
Treasury received fifty-five submissions in response to its consultation, 'The New Research and Development Tax Incentive: Second Exposure Draft'. Forty six of these are public submissions and nine are confidential. The public submissions 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.
The Tax Laws Amendment (Research and Development) Bill 2010 and Income Tax Rates Amendment (Research and Development) Bill 2010 were introduced in the House of Representatives on 13 May 2010. You can follow the progress of the Bills on the Parliament House website.