In late August the Australian Parliament passed a new R&D tax credit for Australian businesses, which is retroactive to July 1, 2011. The core provisions, which may be among the most generous tax credits offered by a nation, include a 45% refundable R&D tax offset ("equivalent to a 150 per cent deduction") for small businesses under A$20 million in annual turnover, and a 40% non-refundable tax offset ("equivalent to a 133 per cent deduction") for all other eligible businesses. Further details can be found here.
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