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Greater demands on R&D projects

NEW legislation introduced by the Federal Parliament in 2001, which came into force on July 1, has placed greater demands on businesses embarking on research and development.

Under the amendments to the R&D Tax Concession legislation is a new requirement for companies to prepare R&D plans for R&D activities undertaken after June 30 2002.

An R&D concession deduction will no longer be allowed for activities undertaken after June 30 not included in an R&D plan authorised by the company.

The plan must be in accordance with guidelines issued by the Industry Research and Development Board and available at www.ausindustry.gov.au

According to the Federal Government the requirement for R&D plans has been introduced to reinforce the need for companies to think strategically about their activities.

Ausindustry believes the legislation also will support the successful management of R&D projects, provide focus and structure to R&D activities, enhance the likelihood of successful outcomes, as well as clarify the nature of the records necessary to substantiate R&D claims.

The R&D plan must include a list of all the R&D projects to be undertaken by the company, or a contractor on behalf of the company, relevant time lines and a statement of the resources allocated to the project. These should include budgeted funding for personnel, plant and facilities necessary for the project.

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