Taxation Laws Amendment (Research and Development) Act 2001 (170 of 2001)

Schedule 1   Streamlining amendments

Part 3   Research and development plans

Industry Research and Development Act 1986

7   After section 39K

Insert:

39KA Guidelines concerning plans for research and development activities

(1) The Board must, as soon as practicable (and, in any event, within 90 days) after the commencement of this section, formulate written guidelines setting out the requirements for plans for the purposes of subsection 73B(2BA) of the Income Tax Assessment Act 1936.

(1A) In formulating the guidelines, the Board must ensure that, having regard to the size and complexity of the activities that are to be carried out in accordance with the plans, the guidelines will not impose undue burdens on eligible companies that are small.

(2) The Board must cause the guidelines to be:

(a) published in the Gazette; and

(b) made available on request without charge, to any eligible company.

(3) The requirements may cover the following matters:

(a) who is to make the plans;

(b) who is to approve the plans;

(c) when the plans are to be made;

(d) what the plans are to contain;

(e) how the plans can be amended;

(f) any other matter.

(4) The Board may, at any time, and whether or not within 90 days after the commencement of this section, by writing, repeal, replace or amend guidelines made under subsection (1).

(5) An instrument formulating guidelines under subsection (1), or repealing, replacing or amending such guidelines, is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.