Summary
Amends: the
Income Tax Assessment Act 1997
to deny access to the research and development tax incentive for companies with aggregated assessable income of $20 billion or more for an income year; the
Industry Research and Development Act 1986
to: provide that the conditions for eligibility of research and development activities conducted outside Australia continue to operate as intended; and require Innovation Australia to assess and ensure compliance in relation to the research and development tax incentive; the
Taxation Administration Act 1953
to enable entities to anticipate an expected tax offset refund for certain expenditure through quarterly payments; five Acts to make consequential amendments; and the
A New Tax System (Goods and Services Tax) Act 1999
,
Income Tax Assessment Act 1936
and
Taxation Administration Act 1953
to provide that excess goods and services tax is only refundable in certain circumstances.