New R&D Tax Credit: Consulting with stakeholders
Source: Australia. Minster for Innovation, Industry, Science and Research and the Treasurer
"Today the Rudd Government will begin consultation with key stakeholders on the detailed design features of the new R&D Tax Credit. Releasing the Research and Development Tax Incentive Consultation Paper, Treasurer Wayne Swan and Innovation Minister Kim Carr urged business and other stakeholders to make their voices heard on reforms to the scheme. Mr Swan said: "The new R&D Tax Credit is the biggest reform to business innovation support for more than a decade. It will boost investment, support jobs and strengthen Australian companies so they can take full advantage of new opportunities as the economy recovers. From 1 July 2010, the Government will replace the complex and outdated R&D Tax Concession with a simplified R&D Tax Credit which cuts red tape and provides a better incentive for all businesses to invest in research and innovation"