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

29E   Duration of registrations

(1) At least 2 months before the end of each financial year, the Board must give each research service provider a notice:

(a) asking the provider if it wishes to continue to be registered under section 29A; and

(b) attaching an approved form to be completed by the provider and returned to the Board if the provider wishes to continue to be registered.

This subsection does not apply to a provider who becomes registered under section 29A in May or June of that financial year.

Note: Section 32 deals with approved forms.

(2) The Board may, by notice in writing given to the provider, revoke the provider’s registration under section 29A if the provider does not return the completed form within:

(a) 30 days after the notice under subsection (1) was given; or

(b) a further period allowed by the Board in accordance with the decision-making principles.

Note 1: A decision to revoke under this subsection is reviewable (see Division 5).

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

(3) For the purposes of this Act and the Income Tax Assessment Act 1997, the revocation takes effect at the end of that financial year.

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