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Business invited to comment on R&D Tax Credit

Business owners are being invited to weigh in on how the R&D Tax Credit will be administered, with the tax now open for public consultation.

The R&D Tax Credit will replace the R&D Tax Concession, and will provide eligible companies with a tax offset for expenditure on eligible research and development activities. The R&D Tax Credit will apply to activities and expenditure in income years commencing on or after 1 July 2011. For activities undertaken in the period up to and including 30 June 2011, the R&D Tax Concession still applies.

As part of the consultation process, business owners can review the exposure draft regulations, the decision making principles and their accompanying explanatory statements.

Closing date for submissions is 5 August.

For more information, or to provide your feedback on the proposed R&D Tax Credit, visit the Business Consultation website.

Lorna Bretthttp://www.dynamicbusiness.com.au
Lorna was Dynamic Business’ Social Web Editor in 2011/12. She’s a social media obsessed journalist, who has a passion for small business. Outside the 9 to 5, you’re likely to find her trawling the web for online bargains, perfecting her amateur photography skills or enjoying one too many cappucinos. You can follow her on Twitter @DynamicBusiness