AusBiotech welcomes Greens' push for quarterly payments on R&D Tax Incentive

Trade group AusBiotech says it fully supports the Australian Greens’ moving of an amendment in the Senate to put in place quarterly payments for small and medium size businesses eligible for a R&D Tax Incentive refund.

The Tax Laws Amendment (Research and Development) Bill 2013 is currently before the Senate to cap the incentive, with crossbench Senators to determine its passage. The biotechnology industry welcomes the Greens’ proposed amendment that would see the much-needed quarterly payments revived.

AusBiotech is a tireless advocate for quarterly payments, since the first announcement on the tax incentive in 2009. A survey conducted by AusBiotech indicated the timing of the receipt of payments (ie, quarterly or annually) is a critical factor in its value as an incentive for additional R&D activities.