The Federal Government has put out a call to small and medium-sized businesses to comment on its new R&D Tax Credit consultation documents.
The documents, which are available here relate to the circumstances in which the Innovation Australia Board may extend deadlines, review findings about R&D activities and core technology, and vary registrations.
In a release, Innovation Minister, Senator Kim Carr, said the Tax Credit is vital for Australian businesses and the national economy.
“The R&D Tax Credit will encourage a surge of improved materials, products, processes and services, leading to greater prosperity and more high-wage, high-skill jobs for Australians,” Senator Carr said.
“This is because small and medium-sized businesses - whose R&D efforts are generally constrained by cash flow - will have better access to the Tax Credit than they have had with the R&D Tax Concession.
“By making the R&D incentive more attractive to small and medium-sized businesses the Government’s tax incentives will be distributed more fairly than has been the case under the current R&D Tax Concession. This will herald a new era of innovation, design and production.”
Deadline for submissions is August 5.