Friday 18 September 2009
Changes to the R&D Tax Credit scheme will come into effect in the 2010-11 income year. The scheme will replace the R&D Tax Concession with a tax credit system. Key changes include:
a 45 per cent refundable tax credit (the equivalent to a 150 per cent tax deduction) will be provided to small businesses with a turnover of less than $20 million per annum
a 40 per cent non-refundable tax credit (the equivalent of a 133 per cent tax deduction) will be provided to businesses with a turnover of $20 million or more per annum.
To find out more about the changes, visit the AusIndustry website. There are also business consultation sessions being held around Australia in the next few weeks. For more information and to register, visit the R&D Tax Credit Consultation page.
This information is brought to you by www.business.gov.au
call BSI on 02 92125505 to see how this may effect you