Thursday, August 17, 2017

R&D Tax scheme getting a makeover

R&D Tax scheme gets a makeover

Arthur Sinodinos: Announced a plan to make it easier to understand R&D Tax Incentive eligibility

The federal government has embarked on a plan  to help make the scheme easier to understand.
It continues to make headway in improving the accessibility to a scheme, which many small businesses and start-ups have not  understood, or were unaware they were entitled to.

The Department of Industry has announced plans to simplify the language and develop better processes to help tech companies better understand how to access the R&D tax scheme.

The department will work with a range of IT companies to pilot a system over the next several months to help businesses more easily work out whether the work they are doing qualifies for a concession or not.

“We look forward to being able to have a clear set of guidelines so that innovative companies and startups can have clarity on their eligibility: ,” says Michael Lynch R&D Tax Concession Specialist and DIrector at BSI Innovation

These recommendations are to be implemented as a result of the‘Three F’ review panel into the R&D tax credit scheme chaired by Bill Ferris, Alan Finkel and John Fraser concluded in April 2016, was release for public comment in September 2016.

A spokesperson for Industry Minister Arthur Sinodinos reiterated that it is still considering the recommendations made in the review and will provide a response once those considerations are completed.

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