House of Representatives
Income Tax Assessment Amendment (Research and Development) Bill 1986
Income Tax Assessment Amendment (Research and Development) Act 1986
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. P.J. Keating, M.P.)This memorandum takes account of amendments made by the Senate to the Bill as introduced.
GENERAL OUTLINE
The Income Tax Assessment Amendment (Research and Development) Bill 1986 will amend the Income Tax Assessment Act 1936 to provide income tax deductions at the rate of 150% of certain expenditure incurred by Australian companies, during the period commencing on 1 July 1985 and ending on 30 June 1991, in respect of research and development activities (proposal announced on 29 May 1985).