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.
As a transitional measure for 2009-10, the R&D expenditure cap for the existing R&D Tax Offset will be lifted from $1 Million to $2 Million.
The cap is the maximum amount a firm can spend on R&D to be eligible for the Tax Offset.
Visit www.ausindustry.gov.au
