In a bid to encourage more R&D investment from Australian IT organisations the Treasurer, Peter Costello, and Minister for Industry, Science and Tourism, John Moore, yesterday announced measures to streamline research and development tax concessions.
The amendments relate to the Industry Research and Development Act 1986 which was aimed at reducing compliance costs for organisations.
The period for making an application for registration will be increased by four months to a total of 10 months from the end of the year of income for which the company seeks registration.
"These changes will make the R&D tax concession more accessible to business," Moore said. "They will reduce the compliance costs for organisations and give them more time to make their claims".
"The IR&D Board will also have increased flexibility to reduce registration information required from small and medium-sized business," Moore said.