Treasurer Scott Morrison handed down his third Federal budget last night. Tax measures featured heavily in the budget with taxpayers receiving windfalls in the form of tax rate cuts. Protecting the integrity of the tax system was also heavily featured, and included several changes to the R&D Tax Incentive scheme.
Lots of changes, minimal impact for SMEs and Startups. Forecast changes to the R&D Tax Incentive in last night’s budget will see a small impact with some SMEs and Startups benefit to drop from 43.5% to 41%, while large business benefits may reduce significantly depending on how much R&D expenditure they have.