R&D tax incentive overhaul clears House amid fossil fuel fight
Treasurer Jim Chalmers' R&D tax incentive changes and a new startup capital gains tax concession passed the House of Representatives on Thursday.
The Albanese government has changed the R&D tax incentive. The House of Representatives approved it on Thursday.
The package includes a new capital gains tax break for startups and broader R&D tax changes. Labor holds the majority in the House.
The real battle comes in the Senate over whether fossil fuel companies can still claim R&D tax support. Treasurer Jim Chalmers has pushed the reforms as part of his fourth round of tax changes.
- Fourth
- Round of reforms
- Senate
- Deciding chamber
- Jim Chalmers
- Key legislator
Why it mattersThe Senate will decide whether fossil fuel companies can claim R&D tax breaks, which may affect how climate and energy firms compete for the same support.
AustraliaAustralian startups stand to gain tax breaks if the reforms pass the Senate, but fossil fuel companies may lose R&D support if climate concerns carry the day.
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