R&D tax incentive developments

A new publication released by AusIndustry is designed to help businesses understand the registration requirements for the R&D Tax Incentive.

The publication outlines what information will be required when businesses commence registering for the Incentive from 1 July 2012 and provides additional explanatory materials to help businesses complete their applications.

The Minister Assisting for Industry and Innovation, Senator Kate Lundy, said the new R&D Tax Incentive represents the biggest reform to business innovation support in more than a decade.

"This is a transformational change to the way government supports business innovation in Australia," Lundy said.

"AusIndustry has been working closely with the Australian Taxation Office to implement the R&D Tax Incentive and this publication is designed to help businesses prepare for registration.

"It is the latest step in what has been an extensive consultation with Australia’s business community. We have distributed material to more than 11,000 businesses who have registered.

"Businesses are able to register for the R&D Tax Incentive from 1 July and the online smart form will be made available in June," she said.