Prior to 1 October 2012, taxpayers could not claim R&D expenditure incurred in oil and gas, mineral exploration or prospecting (although R&D expenditure in product and process improvements could still be claimed). New legislation has relaxed the above restriction by allowing R&D expenditure carried on to develop technology used for oil and gas or mineral exploration or prospecting.
Effective from 1 October 2012, taxpayers can only claim an additional ‘super’ 50% tax deduction on R&D expenditure from the date that a pre-approval application form has been lodged with the Department of Science & Technology (DST).
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