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

27K   Notice of findings or of decisions refusing to make findings

(1) The Board must notify the R&D entity, and the Commissioner, in writing of any findings under subsection 27J(1) about the entity’s registration under section 27A.

(2) The notice must include a certificate for each finding. The certificate must set out:

(a) a description of the finding; and

(b) the Board’s reasons for the finding; and

(c) the registered activity affected by the finding; and

(d) the effect of the finding on the entity’s registration; and

(e) the matters (if any) specified in regulations made for the purposes of this paragraph.

The notice and certificate may set out other matters.

Note 1: For the effect of the finding on the entity’s registration, see section 27L (about automatic variations to registrations).

Note 2: The notice could also mention the applicant’s right to have the finding reviewed under Division 5 (see section 30B).

(3) The Board must notify the R&D entity in writing of any decision under paragraph 27F(4)(b) refusing to make a finding under subsection 27J(1) in response to an application under section 27G by the R&D entity.

(4) A failure to comply with this section does not affect the validity of a finding or decision.