Tax Laws Amendment (Research and Development) Act 2011 received royal assent on 8 September 2011. As a result, the R&D tax concession has been replaced by the R&D tax incentive for years of income beginning on or after 1 July 2011. These instructions reflect this new law for companies whose 2012 income year began on or after 1 July 2011.
If you are an early balancing company with a 2012 income year beginning prior to 1 July 2011, and wish to claim your expenditure under the R&D tax concession for the 2012 year, email us at innovationtax@ato.gov.au for further information about your 2012 income tax return.