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

31B   What happens to findings if R&D entity leaves a group

(1) The consequences in subsection (2) apply if a finding (the group finding ) under this Part:

(a) is for an R&D entity that is the head company of a consolidated group or MEC group; and

(b) is in force immediately before the time (the leaving time ) another R&D entity ceases to be a subsidiary member of the group; and

(c) is for an activity to be conducted by or for the other R&D entity wholly or partly after the leaving time; and

(d) is not a deemed finding.

(2) The consequences are as follows:

(a) a corresponding finding (the continuing finding ) in the same terms is taken to come into force at the leaving time for the other R&D entity and the activity;

(b) everything that happened under this Part before the leaving time in relation to the group finding is taken to have happened in relation to the continuing finding;

(c) the group finding ceases to be in force at the leaving time.

Division 7 - Other matters

32 Approved forms

(1) This section applies if a provision of this Part requires a thing to be in the approved form.

(2) To be in the approved form for the provision, the thing must:

(a) be in writing in a form approved by the Board; and

(b) include the information required by the form; and

(c) include any other material (including documents) required by the form.

(3) The Board may approve, in writing, a form for the purposes of paragraph (2)(a). When doing so, the Board must ensure the form requires the production of information, or other material (including documents), specified in regulations made for the purposes of this subsection.

Note: For specification by class, see subsection 13(3) of the Legislative Instruments Act 2003.

32A Decision-making principles

The Minister may, by legislative instrument, make principles (the decision-making principles ) that the Board must comply with when deciding the following:

(a) whether to allow a thing to be given under this Part within a further period than that specified in this Part;

(b) whether refusing to make a finding sought under this Part is justified;

(c) whether making a variation sought under section 27M is justified.