Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)

Schedule 6   Improving the administration of the R&D Tax Incentive

Part 4   Extensions of time

Industry Research and Development Decision-making Principles 2011

9   At the end of section 3.2

Add:

(3) However, the total of further periods allowed under this Part for a particular thing to be given by an interested person must not exceed 3 months. This subsection has effect despite section 3.4.

(4) Subsection (3) does not apply if the thing to be given deals with a matter that corresponds to the subject of a decision that:

(a) relates to the interested person; and

(b) has not been finalised;

but is not the subject of that decision.

Example: Subsection (3) does not apply to an application to register activities of an R&D entity under section 27A of the Act for an income year if:

(a) the entity has previously applied for registration, or for variation of the entity's registration, for corresponding activities for an earlier income year; and

(b) a decision on the previous application either has not been made or is subject to review under Division 5 of Part III of the Act.