Changes to the R&D Tax Credit scheme will come into effect in the 2010-11 income year. The scheme will replace the R&D Tax Concession with a tax credit system. Key changes include:
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a 45 per cent refundable tax credit (the equivalent to a 150 per cent tax deduction) will be provided to small businesses with a turnover of less than $20 million per annum
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a 40 per cent non-refundable tax credit (the equivalent of a 133 per cent tax deduction) will be provided to businesses with a turnover of $20 million or more per annum.
To find out more about the changes, visit the AusIndustry website . There are also business consultation sessions being held around Australia in the next few weeks. For more information and to register, visit the R&D Tax Credit Consultation page .
