Explanatory Memorandum
(Circulated by authority of the Minister for Industry, Science and Technology, the Hon Karen Andrews MP)Notes on Clauses
Clause 1: Short title
1. This is a formal provision specifying that the short title is to be cited as the Industry Research and Development Amendment (Industry Innovation and Science Australia) Act 2021.
Clause 2: Commencement
2. The table in this clause sets out the commencement date of the Bill's provisions. The whole of the Bill's provisions will commence the day after the Bill receives Royal Assent.
Clause 3: Schedules
3. This clause is a machinery clause that gives effect to the provisions in the Schedules to the Bill.
Schedule 1 - Amendments
Part 1 - Main amendments
Industry Research and Development Act 1986
Item 1: Subsection 4(1) (definition of Board )
4. This item amends the definition of "Board" in subsection 4(1) of the IR & D Act.
Item 2: Section 6
5. This item repeals section 6 of the IR & D Act and inserts a new section which specifies that Innovation and Science Australia continues in existence with the new name Industry Innovation and Science Australia. The new section operates in conjunction with section 25B(1) of the Acts Interpretation Act 1901 and includes a note to that effect.
Part 2 - Consequential amendments
Income Tax Assessment Act 1997
Item 3: The whole of the Act
6. This item amends the Tax Income Assessment Act 1997 by replacing references to Innovation and Science Australia throughout that Act with references to Industry Innovation and Science Australia.
Pooled Development Funds Act 1992
Item 4: Subsection 4(1) (definition of Board )
7. This item amends the definition of "Board" in the Pooled Development Funds Act 1992 by replacing the reference to Innovation and Science Australia with references to Industry Innovation and Science Australia.
Taxation Administration Act 1953
Item 5: The whole of the Act
8. This item amends the Taxation Administration Act 1953 by replacing references to Innovation and Science Australia throughout that Act with references to Industry Innovation and Science Australia.
Venture Capital Act 2002
Item 6: The whole of the Act
This item amends the Venture Capital Act 2002 by replacing references to Innovation and Science Australia throughout that Act with references to Industry Innovation and Science Australia.