Glasshouse Advisory’s R&D Tax and EMDG practices have transferred to leading independent assurance, tax and advisory firm, Grant Thornton.
As we foreshadowed in our earlier release, under the proposed changes, the R&D Tax Offset will reduce from 45% to 43.5% for the refundable tax credit, and from 40% to 38.5% for the non-refundable tax credit. This cut has been re-introduced as part of the Government’s Budget Savings Omnibus Bill.
The Federal Opposition have not indicated that they will oppose this measure. Assuming their position does not change, this change will proceed through both houses of Parliament. The measure will apply to income years starting from 1 July 2016 onwards. For businesses, this means reduced R&D refunds will kick in from July 2017.
The current changes will apply to the rate only. All other aspects appear to remain as is.