AVCAL has submitted its responses to the new R&D tax incentive exposure draft and explanatory materials released by the Treasury.

AVCAL today submitted its responses to the Australian Tax Office draft determinations TD 2009/17 and TD 2009/D18, which were made available for public comment on 16 December 2009. Read the media release and responses here.

AVCAL welcomes the Johnson report on Australia as a Financial Centre which contains comprehensive, timely and critical recommendations for Australia's financial services sector.

Minister for Innovation, Industry, Science and Research, Senator Kim Carr, recently released the first directive for the Commercialisation Australia Program. It has been developed under the Industry Research and Development Act 1986 to provide direction to Innovation Australia (the Board).

Read AVCAL's submission to Treasury on Tax laws Amendment (2010 Measures No.1) Bill 2010: MIT capital treatment.

Commercialisation Australia is now preparing to accept applications from Australian innovators as it launched a range of online and telephone resources to assist potential applicants with a pre-application checklist and other relevant information.

AVCAL response to ATO draft determinations

The ATO today released several draft determinations and rulings in relation to the Income Tax Assessment Act. Read the releases here.

Assistant Treasurer Nick Sherry today released the Rudd Government’s draft on the taxation of capital gains and loses of Managed Investment Trust disposals. The deadline for public comment on the draft and the accompanying explanatory material is the 24th of December, 2009. The Government aims to introduce the Bill by early 2010.

The launch of Commercialisation Australia in January 2010 is a new funding approach by the Australian Government where the program will be tailored to each application rather than customising the application to fit the program.