The Australian Senate has blocked planned changes to the R&D Tax Incentive program which would have reduced reduced research and development tax breaks for all companies by 1.5%
The R&D Tax Incentive reduction, which would have been applied retrospectively from July 1, 2014, was included in The Tax & Superannuation Laws (2014 Measures No. 5) Bill 2014, was budgeted to provide a $620m saving over four years. However, the Labor opposition and the Australian Greens proposed an amendment to the Bill to omit the tax cut,…
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