TAX INCENTIVES
Inward investment/Depending on the nature and size of the investment project, state governments have given rebates from payroll, stamp, and land taxes on an ad hoc basis and for limited periods.
Capital investment/Incentives for capital investment are as follows.
1. Accelerated deductions for capital expenditures on the exploration for and extraction of petroleum and other minerals are available. Certain capital expenditures incurred after August 16, 1989, in respect of quarrying operations, also qualify for concessional treatment.
2. Deductions apply to eligible R&D expenditure of up to 125%. Expenditure in acquiring or gaining access to technology, known as “core technology expenditure,” is deductible at 100% if the purpose is to carry on eligible R&D. For technology acquisitions occurring after July 23, 1996, the deduction in any year cannot exceed one-third of the amount of expenditure
incurred in that year on R&D related to that core technology. Undeducted core technology expenditure may be carried forward for deduction in future years, subject to the same requirements. Special grant programs assist corporations in the conduct of research and development in Australia. These grants are awarded on a discretionary basis and usually cover up to 50% of the R&D costs. On January 29, 2001, the federal government announced proposed changes to the R&D tax concession, including: a 175% premium rate deduction for certain expenditure years after June 30, 2001, where companies increase their R&D expenditure over a three-year period; an R&D
tax rebate for certain small companies; new rules for expenditure on plant after 12:00 p.m. (AEST) January 29, 2001; a requirement that expenditure be eligible only where innovation and technical risk exist (under current rules these are alternatives).
3. Nonresident pension funds that are tax exempt in their home jurisdiction; are residents of Canada, France, Germany, Japan, the United Kingdom, the United States or some other prescribed country; and satisfy certain Australian registration requirements are exempt from income tax on the disposal of investments in certain Australian venture capital equity held
at risk for at least 12 months.
4. Specific tax measures commenced on July 1, 1992, for pooled development funds (PDFs). PDFs are investment companies established to provide equity capital to small and medium-sized enterprises. PDFs are taxed on their net income at 25%, except for income from small and medium-sized enterprises, which is taxed at 15%. PDFs are entitled to imputation credits on the
receipt of franked dividend income. Dividends from PDFs are tax exempt.
Gains on the sale of shares in a PDF are exempt from tax, and losses are not deductible.
5. The taxable income derived from pure offshore banking transactions by an authorized offshore banking unit in Australia is taxed at the rate of 10%.
Other incentives
1. Exports: Cash grants for export-market development expenditure are available to eligible businesses seeking to export Australian-source goods and services.
2. Government purchasing preference: The state and federal governments informally provide preference for goods manufactured in Australia and New Zealand in their purchasing decisions on a case-by-case basis.
Withholding taxes
Recipient Dividends (1) Interest (2) Royalties(3)
% % %
Resident corporations or individuals…… Nil Nil Nil
Nonresident corporations or individuals:
Nontreaty …………………………………… 30 10
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