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

27M   Varying registrations on application

(1) The Board may, by notice in writing given to an R&D entity, vary the entity’s registration under section 27A for an income year if:

(a) the entity applies for the variation; and

(b) the variation is consistent with the Board’s findings (if any) in force under this Part in relation to the R&D entity; and

(c) making the variation is justified in accordance with the decision-making principles.

Note 1: A decision not to vary is reviewable (see Division 5).

Note 2: Section 32A deals with the decision-making principles.

(2) An application for a variation must be:

(a) in the approved form; and

(b) accompanied by the fee (if any) specified in regulations made under section 48A for the purposes of this section.

Note: Section 32 deals with approved forms.

(3) Section 27E applies to an application under this section in a way corresponding to the way that section applies to an application under section 27D.

Note: This means the Board may request further information about the application for variation.

(4) For the purposes of this Act and the Income Tax Assessment Act 1997, the effect of a variation is that the entity’s registration under section 27A for the income year is taken always to have existed as varied.