R&D Amendments Referred to Senate Economics Legislation Committee
The Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018 (available for viewing here ) was referred to the Senate Economics Legislation Committee was for inquiry and report by 3 December 2018. The Bill was introduced to the House of Representatives on 20 September 2018.
BSI previously submitted a response to the Treasury consultation on the Government’s 2018-19 Budget Measure – Better targeting the Research and Development Tax Incentive, citing concern that the (then) proposed measures would have negative impacts on the level of business expenditure on R&D.
Our sentiments were reiterated in a further submission to the Committee (available for viewing here). Given recent events in Canberra and the emergence of a minority Government, in is not clear whether this legislation will pass both House of Parliament before the next federal election.