1/7/2023 0 Comments Boom d instagramVass Electrics, based in Ingleburn, south-western Sydney, is one of them. That's a near doubling from forecasts in the 2014 budget, which cut the tax offset from 45 per cent to 43.5 per cent for firms with turnover of less than $20 million, and to 38.5 per cent credit for larger firms. The federal budget forecast that spending on the R&D tax credit would jump from $2.9 billion in 2015-17 to $3.9 billion in 2019-2020.Ĭhristopher Vass, managing director of Vass Electrics, says the company has been persuaded that claiming R&D tax incentives has become easier. The budget papers attribute the surge in spending on R&D to more activity by companies with turnover of less than $20 million. There's a "genuine upsurge" in R&D claims by small firms, said KPMG partner Paul Van Bergen. Research and development by small companies is booming, providing good news for Prime Minister Malcolm Turnbull's drive for business to be more innovative in the post-resources boom.
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