Quarterly payments of Australian R&D Tax incentive stalled in review
Trade group AusBiotech has urged Australia’s Coalition Government to deliver on its pro-business rhetoric and pass the R&D Tax Incentive’s quarterly payments legislation.
The much-anticipated measure has been earmarked as “further consultation required” in Treasurer Jo Hockey’s plan to deal with the backlog of unlegislated tax measures: “Restoring Integrity in the Australian Tax System”.
After an extensive consultation period, the release of an exposure draft and explanatory memoranda and costings included in the May Federal Budget in 2013, the quarterly payments legislation was caught in the pre-election dissolution of Parliament, leaving its progression and its planned implementation date (January 1, 2014) uncertain.
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