An updated version of the research and development (R&D) tax incentive guidance follows on a consultation earlier this year with business and tax professionals.
The refreshed R&D tax incentive guidance is intended to simplify the rules and includes diagrams and examples and is aligned with recent Federal Court and Administrative Appeals Tribunal decisions.
As previously announced in the 2020-21 federal budget, the government changed its approach to reform plans and will now invest an additional $2 billion* by means of the R&D tax incentive.
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