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Legislation and Parliamentary Matters

Budget tax cuts advocated by Aus Industry Group

May 13th, 2014

According to surveys conducted by the Australian Industry Group, 70 per cent of the 364 businesses surveyed said reducing the tax burden was one of their top three priorities for the Budget. Increasing spending on infrastructure and calling for the Government to bring the Budget into balance over the next five years were also ranked as high priorities. Among the business community there were high priorities placed on increasing the spending on training and apprentices and raising tax incentives for […]

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Large firms to be denied R&D tax incentives

March 18th, 2014

This afternoon, the Senate Economics Legislation Committee (“the Committee”) tabled their report into the Tax Laws Amendment (Research and Development) Bill 2013 (“the Bill”). As it stands, the Bill proposes that companies with an aggregated assessable income of $20 billion or more are to be denied access the R&D Tax Incentives. The Bill is expected to save approximately $1 billion annually and apply to income years commencing on or after 1 July 2013. The Committee recommended that the Bill be […]

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Proposed $20B R&D tax exclusions supported

January 24th, 2014

On 5 December 2013 the Senate referred the Tax Laws Amendment (Research and Development) Bill 2013 to the Senate Economics Legislation Committee for inquiry and report. The Economics Legislative Committee inquiries allow interested parties to submit their views on the proposed changes. The deadline for submitting was 22 January 2014. There was an overwhelming response from the parties who submitted in opposition to the amendment. Swanson Reed stood out for its view that the proposed changes could bring about welcome […]

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R&D tax exclusions are referred to Senate

December 11th, 2013

The newly proposed section 355-103 ITAA1997, providing an exception for large business in claiming the R&D Tax exclusions are referred to senate for further inquiry. The Tax Laws Amendment (Research & Development) Bill 2013 passed the lower house only days ago, but will be fully investigated by the Senate for economic impact. A report of the inquiry findings is expected on 17 March 2014. As of yesterday, the ALP has indicated it may withdraw its support for this measure over […]

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