Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)
Schedule 4 Enhancing the R&D Tax Incentive
Income Tax Assessment Act 1997
7 After subsection 355-100(1)
Insert:
R&D premium
(1A) If item 2 or 3 of the table in subsection (1) applies to the *R&D entity, the amount of the *tax offset for the income year is increased by the sum of the amounts (if any) worked out for each item of the following table for that entity:
|
Tiered offset rates |
||
|---|---|---|
|
Item |
Work out the part of the total amount mentioned in subsection 355-100(1) that: |
Multiply that part by this percentage: |
|
1 |
exceeds nil but does not exceed 2% of the *R&D entity's total expenses for the income year worked out under section 355-115 |
8.5% |
|
2 |
exceeds 2% of the *R&D entity's total expenses for the income year worked out under section 355-115 |
16.5% |