The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
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David Bradbury

Assistant Treasurer, Minister Assisting for Financial Services & Superannuation and Minister for Competition Policy & Consumer Affairs

5 March 2012 - 18 September 2013

Media Release of 07/05/2013

NO.063

Research and Development (R&D) Tax Incentive - Targeting Access

The Australian Government today released draft legislation to better target access to the R&D tax incentive. The proposed change will target support to companies with aggregate assessable income of less than $20 billion. The change will apply to income years starting on or after 1 July 2013.

"Internationally, there is broad support for the view that small firms are more likely to increase their R&D spending as a result of Government incentives," said Assistant Treasurer David Bradbury.

"Companies no longer eligible for the non-refundable tax offset will, however, be able to claim deductions in relation to R&D expenditure incurred during the relevant income year."

Part of the savings from the measure will be used to fund other Government priorities including reforms announced in the Government's Industry and Innovation statement, A Plan for Australian Jobs.

The draft legislation and explanatory materials are available on the Treasury website. Submissions are open until 20 May 2013.

7 May 2013