On 15 June 2011, the Government announced crossbench support for the new R&D Tax Credit Program.
The new R&D Tax Credit will replace the R&D Tax Concession and provides eligible companies with a tax offset for expenditure on eligible R&D activities. The two components of the program are:
· a 45 per cent refundable tax offset available to companies with an aggregated turnover of less than $20 million; and
· a 40 per cent non-refundable tax offset available for all other companies
The media release announced that the start date for the new program will be 1 July 2011 (the previous start date was 1 July 2010). It also announced the introduction of quarterly payments for small and medium businesses from 1 January 2014.