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Legislation

Tax Telegraph, August 2013

Legislation 65Tax Laws Amendment (2013 Measures No. 4) Bill 2013

This bill was introduced into the House of Representatives last week and includes measures that:

  • Enable taxpayers entitled to the refundable 45% research and development (R&D) tax offset to claim anticipated R&D refunds on a quarterly basis based on a standard safe harbour amount or a varied amount by choice of the taxpayer. This measure is to apply to instalment quarters starting on or after 1 January 2014
  • Deny access to the R&D tax incentive for companies and company groups with Australian aggregate assessable income of $20 billion or more for an income year. This measure is to apply to income years starting on or after 1 July 2013.
  • Allow overpaid GST to be refunded to taxpayers only in certain circumstances and allow taxpayers to self-assess their entitlement to a refund of excess GST against objective criteria rather than having to rely on the Commissioner to exercise the discretion to refund an overpaid GST amount. The amendments are to apply to refund claims relating to tax periods starting on or after 17 August 2012 but only for claims lodged on or after the date of introduction of the bill to Parliament.

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