The 2009 Australian Federal Budget outlined an enhanced Research and Development Tax Concession scheme.

From 2010-11 the Government will replace the current R&D Tax Concession with a simplified Tax Credit.

Under the new Tax Credit system, eligibility criteria will be tightened to maximise the results of the Government’s investment. Only genuine R&D will be supported.

The Government plans to consult further on the eligibility criteria in developing the legislation during 2009. A consultation paper is expected mid 2009 with an exposure draft towards the end of 2009.

Working with an AusIndustry Registered Research Agency (RRA) is expected to ensure that genuine R&D is being undertaken.

Gilmore Engineers Pty Ltd – e3k has been a RRA since 2001 (registered number 34439).

Visit www.ausindustry.gov.au

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