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Businesses said to be $500m better off under new tax scheme

Small and medium-sized businesses have benefitted from $500 million in direct payments since the R&D tax credit system was revised six months ago, the Gillard government says.

According to a statement, more than 1,500 small businesses have taken advantage of the scheme since it was decided that they could be given a 45 per cent refundable tax offset for expenditure on R&D.