The Tax Laws Amendment (Research and Development) Bill 2013 was reintroduced into parliament on 14 November 2013.
The Bill will amend the Income Tax Assessment Act 1997 to deny access to the research and development (R&D) tax incentive for companies with aggregated assessable income of $20 billion or more in an income year. The amendment will only effect the countries 15-20 largest companies and intends to target access to the R&D tax incentive to small and medium (SME) enterprises.
If passed, the change will apply to income years starting on or after 1 July 2013. The change was originally announced on 17 February 2013 as part of the previous government’s Industry and Innovation Statement, A Plan for Australian Jobs.