R&D Tax Credit Starting Date

The government announced that the new R&D Tax Credit will start operating from July 1, 2011 following the Australian Greens support for the program. As a further incentive for the SME sector to increase its expenditure on innovative activities, companies with a turnover of less than $20 million and in a tax loss position will be able to cash out the benefit on a quarterly basis from January 1, 2014.

The additional benefits to SMEs and larger companies arising out of the R&D Tax Credit can be found here.

In the meantine, for the 2010/11 financial year, the existing R&D Tax Concession is still the best way for companies access government funding for its eligible R&D Activities.