Early Reactions to the Cutler Review Green Paper

The Cutler Review Green paper is out and the early reactions look positive for the R&D tax concession. There is talk of a reviewed rate and recasting the concession as a 40% credit, removal of the 175% premium and international concession.

Most interestingly there is talk of increasing the turnover limit for the R&D tax offset from $5 million to $50 million on a group basis and abolishing the expenditure limit (presently $1 million aggregate R&D amount) entirely.

Further details to come. You can download a copy of the report from here: http://www.innovation.gov.au/innovationreview/Pages/home.aspx