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LY 9: Orders in Council
or “Governor-General can make temporary changes to R&D tax credit rules”
You could also call this:

“Minister to report on effectiveness of research and development tax credit system”

The Minister of Research, Science and Innovation will give a report to the House of Representatives after the 2023-2024 tax year ends. They will do this again every 5 years after that. This report will look at how well the research and development tax credit system is working.

The report will check if the system is doing what it was meant to do. It will see if it’s making people spend more money on research and development activities. The report will also look at how much it costs people to follow the rules of the system.

The Minister will check how well the system is being run. They will see if people are following the legal rules of the system correctly. The Minister can also add other things to check if they want to.

This report is meant to be fair and independent. It will help everyone understand if the tax credit system for research and development is working well or if it needs to be changed.

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Next up: LZ 1: Low tax jurisdiction companies

or “Companies in low-tax countries: Rules no longer apply”
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Part L Tax credits and other credits
Research and development tax credits

LY 10Evaluation

  1. The Minister of Research, Science and Innovation will lay a report before the House of Representatives as soon as practicable after the end of the 2023–24 tax year, and every 5 years subsequent, objectively and independently evaluating the research and development tax credit regime in terms of all of the following:

  2. the delivery of the policy intent of the regime:
    1. the stimulation of spending on research and development activities:
      1. the compliance costs of the regime:
        1. the administration of the regime:
          1. the compliance with the legal requirements of the regime by taxpayers:
            1. any other criteria specified by the Minister of Research, Science and Innovation.

              Notes
              • Section LY 10: inserted, on , by section 10 (and see section 3 for application) of the Taxation (Research and Development Tax Credits) Act 2019 (2019 No 15).
              • Section LY 10 list of defined terms research and development activities: repealed (with effect on 1 April 2019), on , by section 133(a) of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).
              • Section LY 10 list of defined terms research and development activity: inserted (with effect on 1 April 2019), on , by section 133(a) of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).
              • Section LY 10 list of defined terms research and development tax credit: inserted (with effect on 1 April 2019), on , by section 133(b) of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).
              • Section LY 10 list of defined terms research and development tax credits: repealed (with effect on 1 April 2019), on , by section 133(b) of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).