AusBiotech disappointed as R&D Tax Incentive 1.5% cut returns to Parliament

Trade group AusBiotech has expressed bitter disappointment at the Australian government's move yesterday to re-introduce legislation to cut the Research and Development Tax Incentive benefit by 1.5%, and urged the Senate to reject the legislation.

The 'Tax and Superannuation Laws Amendment (2015 Measures No 3) Bill 2015', tabled yesterday, includes the 1.5% cut which was originally announced in the May 2014 Federal Budget, but failed to get support in the Senate and the Bill was defeated last year.

The change will permanently impact companies while they are in tax loss, and adversely impact the same small businesses that were singled out for special support in the year's Budget with a 1.5% corporate tax cut, says AusBiotech.