It seems Treasurer Scott Morrison has finally seen the light. Rather than pursuing costly company tax cuts in the hope of boosting business investment, today he has discovered a far cheaper and direct route: reforming R&D tax concessions. From The AFR:
There will be major changes to the $3 billion research and development tax incentive in the May federal budget, Treasurer Scott Morrison has revealed.
With the program “taken for a ride” by some, it would be overhauled and relaunched, he said. This would prevent companies claiming tax breaks for business-as-usual activities while rewarding businesses achieving high levels of R&D “intensity”…
“This incentive has been taken for a ride by some and integrity needs to be restored,” he said.
Slow learner our Scott.
