Tax Laws Amendment (Research and Development) Act 2011 (93 of 2011)

Schedule 2   Innovation Australia's role

Part 1   Main amendment

Industry Research and Development Act 1986

27L   Automatic variations so registration is consistent with findings

(1) If an R&D entity is registered under section 27A for an income year, then while a finding is in force:

(a) under subsection 27B(1) in relation to the application for the registration; or

(b) under subsection 27J(1) in relation to the registration;

the registration is taken always to have existed in a form consistent with the finding.

Note 1: This subsection will cease to apply if the finding is set aside on review (see Division 5).

Note 2: A finding has no effect to the extent of any inconsistency with a finding already in force under this Part in relation to the R&D entity (see section 32B).

(2) If:

(a) a finding under subsection 28A(1) (advance findings about the nature of activities) comes into force for an R&D entity about an activity conducted during an income year; and

(b) the R&D entity is later registered under section 27A for the activity for the income year;

then, after registration and while the finding is in force, the registration is taken to exist in a form consistent with the finding.

Note 1: This subsection will cease to apply if the finding is set aside on review (see Division 5).

Note 2: A finding has no effect to the extent of any inconsistency with a finding already in force under this Part in relation to the R&D entity (see section 32B).

(3) This section has effect for the purposes of this Act and the Income Tax Assessment Act 1997.