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Government seeks feedback on R&D tax credits scheme

The federal government wants to give small and medium-sized companies and other stakeholders the opportunity to contribute to the design of the R&D tax incentive quarterly credits initiative, it was announced on 3 August.

A public consultation paper has been released, and feedback is welcomed until 31 August, the government said.

The quarterly credits will be an opt-in element of the R&D tax incentive, which aims to further improve company cash flow and enhance incentives to invest in research and development activities. Companies with an annual aggregated turnover of less than AU$20 million are eligible.

The idea is that companies can choose to obtain the benefit of the offset on a quarterly basis during an income year rather than waiting until an income tax return is assessed.