Research and development tax offset<\/strong><\/p>\n\n\n\nThe government will also make changes to the research and development tax offset \u201cremoving the cap on refunds, lifting the rate and rewarding those businesses that invest the most,\u201d Frydenberg said.<\/p>\n\n\n\n
Budget papers explain for small companies the $4m cap on cash refunds will be abandoned and the refundable R&D tax offset rate will be increased to 18.5% above the claimant\u2019s company tax rate.<\/p>\n\n\n\n
Larger businesses with annual turnover of $20m or more will benefit from a more generous non-refundable R&D tax offset.<\/p>\n\n\n\n
The cap on R&D expenditure that can be claimed will be lifted from $100m to $150m per year.<\/p>\n\n\n\n
Together the three business measures cost $33.6bn over four years, almost double the cost of income tax cuts provided to households ($17.8bn).<\/p>\n\n\n\n
Budget papers suggest temporary full expensing and temporary loss carry-back could support $200bn of investment, and increase GDP by $10bn in 2021-22.<\/p>\n\n\n\n
The government will also lift the threshold for a \u201csmall business\u201d from turnover of $10m to $50m, a move increasing eligibility for some concessions and reducing \u201cred tape.\u201d<\/p>\n\n\n\n
Are you planning an IT upgrade?<\/strong><\/p>\n\n\n\nWith the Government Incentives currently in place, there has never been a better time to refresh your IT infrastructure. Your IT partner can help you find the best solution to help you overcome your challenges and reach your business goals.<\/p>\n\n\n\n
There\u2019s still time to take advantage of the Instant Asset Write Off Scheme, ending on June 30th. Your IT partner can help with identifying your IT needs and aligning your business with the best fit solution. Contact them today to make sure your business takes full advantage of this limited time government incentive.<\/p>\n \t \t","protected":false},"excerpt":{"rendered":"
<\/p>\n","protected":false},"author":1,"featured_media":85018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[11],"tags":[4],"yoast_head":"\n
Australian businesses benefit from temporary full expensing - IT&T | Business IT Services and Solutions<\/title>\n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n