The Bills to establish the R&D Tax Credit were introduced into Parliament on 30 September 2010. The Bills still propose that the R&D Tax Credit will apply to income years starting on or after 1 July 2010.
The new R&D Tax Credit is to be a broad-based and market driven incentive package, with the two core components of the package being:
- a 45 per cent refundable tax credit (the equivalent to a 150 per cent concession) for eligible entities with an aggregated turnover of less than $20 million per annum;
- a non-refundable 40 per cent R&D tax credit (the equivalent of a 133 per cent deduction) for all other eligible entities.
If you would like further details on the R&D Tax Credit (or indeed the current R&D Tax Concession) and the implications for your business, please contact any one of KCG’s consultants (see “Contact Us”).
The Victorian Government has launched a new grants programs as part of the $10.5 million Victorian Action Plan for Small Technologies.
Applications for the first round of the Small Technologies Industry Uptake Program (STIUP) have now been called. The intention of the Program is to help enhance Victorian businesses’ competitiveness through the use of small technologies in their products, processes or services.The Victorian Government is partnering with the Small Technologies Cluster (STC) to deliver the Small Technologies Industry Uptake Program. The STC will administer the STFeas and STTech voucher applications which are now open, and remain open for the entire duration of the program (through to June 2013).
The Victorian Government will manage and administer the STTrial vouchers and set dates for each of the three funding rounds. The first round of applications closes on Thursday 11 November 2010.
Further information, eligibility criteria, and application forms are available at www.innovation.vic.gov.au and/or
www.stc-melbourne.com.
If you would like any assitance with this scheme, please contact any of the KCG consultants (see “Contact Us” page.
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