Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

What these measures are about is providing innovators with a real opportunity to innovate. AusBiotech says:

The biggest winners will be those companies with turnover of less than $20m with no commercial production yet, which are able to cash out the refundable credit if in tax loss.

Deloitte, for instance, say:

The software rules are … in many ways better than what we have now.

TGR BioSciences are saying that it is ‘absolutely’ a crucial reform. Of course, my new best friends at the Australian Financial Review point out:

The government also made it easier for most software to qualify for the tax break …

What we have seen is the Institute of Chartered Accountants Australia saying:

It’s clear the Government is focused on rebalancing and retargeting the R&D tax credit for the SME market, rather than the big end of the market.

This is precisely what we are doing. (Time expired)