R&D Tax Concession 1986 till 2011
“From 150% down to 125% in benefits; offsets to smaller loss-making companies; additional 175% incremental R&D spend; and the short-lived international premium”.
Productivity Commission Report – March 2007
A copy of the report is available on the PC’s website here. Initially, ignored by the policy makers at large, some of the ideas relating to additionally and spillover had found their way into the Consultation Papers and Exposure Drafts below.
The Cutler Review – Commenced January 2008
Review of the National Innovation System, chaired by Professor Terry Cutler. The R&D section of the review was headed by Nicholas Gruen. The significant number of submissions were made – from private individuals to large multinationals; academic bodies and industry lobby groups. The findings of the review were published in a report called “Venturous Australia”.
Venturous Australia – Released September 2008
A copy of the report in PDF Format is available here. Many of the recommendations relating to the increased R&D benefits, differentiation according to company size and definitions were adopted in the Policy and Legislative papers below.
Powering Ideas (FY10 Budget) – Announced May 2009
Summary of the 2009-2010 Federal Science Budget and the White Paper Powering Ideas in the context of the Australian Science Academy’s Research and Innovation Policy Statement 2007 is available for review here.
Consultation Paper – Released September 2009
In September 2009, a consultation paper on the detailed features of the proposed R&D Tax Credit was released for public comment and 197 submissions were received. The public submissions are available on the Treasury website.
1st Exposure Draft Legislation – Released 18 December 2009
In December 2009, the exposure draft legislation for the new R&D Tax Credit was released for public comment and 131 submissions were received. The submissions are available on the Treasury website.
2nd Exposure Draft Legislation – Released 31 March 2010
In March 2010, following feedback, revised exposure draft legislation for the new R&D Tax Credit was released for public comment and 55 submissions were received. The public submissions are available on the Treasury website.
Bill Passed House of Reps – 22 November 2010
Senate – debated and passed 24 August 2011
Royal Assent – Pending
Commencement – 1 July 2011