The Federal Government recently released the draft legislation for the new R&D Tax Credit. The draft legislation significantly increases the benefit of the R&D concession, particularly for companies with group turnover below $20 million. However, the draft legislation also makes it considerably more difficult to access the concession.
Following consultation with key bodies, the Government has released details of the 2009-10 Budget measure to tax private company shareholders on the private use of their company’s assets.