The End of the Financial Year is upon us and we remind AFA members to be aware of the Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015 which came into play last week.

This Bill amends the Income Tax Assessment Act 1997 (ITAA 1997) to reduce the rate of the tax offsets available under the research and development tax incentive for the first $100 million of eligible expenditure by 1.5 percentage points. The higher (refundable) rate of the tax offset for this expenditure will be reduced from 45 per cent to 43.5 per cent and the lower (non-refundable) rates of the tax offset will be reduced from 40 per cent to 38.5 per cent.;page=0;query=BillId%3Ar5456%20Recstruct%3Abillhome