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

32B   General rules about findings under this Part

(1) A finding made under this Part in relation to an R&D entity 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.

Example: A finding under subsection 27J(1) in relation to an R&D entity’s registration has no effect to the extent of any inconsistency with:

(a) a finding already in force under that subsection in relation to that registration; or

(b) a finding already in force under subsection 27B(1) in relation to the application for that registration; or

(c) a finding already in force under subsection 28A(1) (advance findings about the nature of activities) in relation to the R&D entity.

(2) Subsection 33(3) of the Acts Interpretation Act 1901 does not apply to the power to make a finding under this Part.

Note: This means the power to make a finding does not itself include the power to vary or revoke that finding. A finding can only be varied or revoked on review under Division 5.