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Biotech and medtech pushes back hard on Budget R&D tax changes, warning companies may leave
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Biotech and medtech pushes back hard on Budget R&D tax changes, warning companies may leave
Biotechnology has been Australia’s largest value-add export industry outside primary industries since 2016. Now the sector says a Budget tax change made without consultation is putting that at risk. The Federal Budget included a proposal to limit the refundable tax offset under the Research and Development Tax Incentive to companies less than 10 years old. The RDTI has long provided eligible companies with a tax offset on qualifying R&D expendit…
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