The Business Council of Australia welcomes the opportunity to make a submission to the Senate Economics Legislation Committee Inquiry into the Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018.
The Bill contains several measures, and this submission responds to the proposed changes to the Research and Development (R&D) Tax Incentive. The Business Council strongly believes that all business in Australia must meet their tax obligations and where arrangements do not keep pace with community norms, they should be reviewed.