Business Tax Reform Group recommends scrapping R&D to pay for Company Tax Cuts

A group formed out of last year's tax forum, known as the Business Tax Working Group (BTWG) has released a discussion paper that canvasses a number of possible ways in which a cut to the company tax rate could be funded from within the business tax system.

Primarily, the BTWG in its paper has recommended:

• scrapping the R&D benefit for companies with turnover of more than $20 million,

• capping interest deductions and

• removing of some deductions for exploration and prospecting

as ways to fund a company tax cut.

The BTWG has invited written submissions from businesses and the wider community in response to the discussion paper.

See the following for more:

• Submissions and details on how to make them

• Copy of the discussion paper

• Read more about reaction to the proposals

Do you have a need for detailed tax legislation? If you do then you should  trial our Income Tax Point in Time Service and gain convenient and reliable access to complete histories of legislative provisions, compare changes over time and search for relevant content at any date.