In February 2020 the Senate referred the provisions of the Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 which seek to amend the R&D Tax Incentive, to the Economics Legislation Committee for inquiry. A public hearing was schedule for 31 March 2020 and the committee’s finding were due to be reported by 30 April 2020.
However, in light of the global COVID-19 pandemic and consequent health risks, all previously scheduled face-to-face public hearings of the Senate Standing Committees on Economics have been postponed until further notice.
Whilst the committee is examining the potential of conducting hearings via teleconference, with Parliament adjourned for 5 months until 11 August 2020, the proposed R&D Tax Incentive changes will remain in limbo for some time.
We will continue to keep you updated as this continues to evolve.