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This is a Bill, not an Act. For current law, see the Acts databases.
2016
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Industry Research and Development
Amendment (Innovation and Science
Australia) Bill 2016
No. , 2016
(Industry)
A Bill for an Act to amend the Industry Research
and Development Act 1986, and for related purposes
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 3
Schedule 1--Amendments
4
Part 1--Main amendments
4
Industry Research and Development Act 1986
4
Part 2--Consequential and other amendments
16
Income Tax Assessment Act 1997
16
Industry Research and Development Act 1986
18
Pooled Development Funds Act 1992
19
Taxation Administration Act 1953
19
Venture Capital Act 2002
19
Part 3--Contingent amendments
21
Income Tax Assessment Act 1997
21
Taxation Administration Act 1953
21
Venture Capital Act 2002
22
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
1
A Bill for an Act to amend the Industry Research
1
and Development Act 1986, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Industry Research and Development
5
Amendment (Innovation and Science Australia) Act 2016.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
No. , 2016
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1,
Part 1
The day this Act receives the Royal Assent.
3. Schedule 1,
items 40 to 59
The day this Act receives the Royal Assent.
However, if Parts 1 to 8 of Schedule 2 to the
Tax Laws Amendment (Tax Incentives for
Innovation) Act 2016 commence at or before
that time, the provisions do not commence at
all.
4. Schedule 1,
items 60 to 68
The day this Act receives the Royal Assent.
5. Schedule 1,
Part 3
The later of:
(a) the day this Act receives the Royal
Assent; and
(b) immediately after Parts 1 to 8 of
Schedule 2 to the Tax Laws Amendment
(Tax Incentives for Innovation) Act 2016
commences.
However, the provisions do not commence
at all if the event mentioned in paragraph (b)
does not occur.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
3
3 Schedules
1
Legislation that is specified in a Schedule to this Act is amended or
2
repealed as set out in the applicable items in the Schedule
3
concerned, and any other item in a Schedule to this Act has effect
4
according to its terms.
5
Schedule 1 Amendments
Part 1 Main amendments
4
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
No. , 2016
Schedule 1--Amendments
1
Part 1--Main amendments
2
Industry Research and Development Act 1986
3
1 Title
4
Repeal the title, substitute:
5
An Act relating to industry, innovation, science and
6
research, and for related purposes
7
2 Section 3
8
Repeal the section, substitute:
9
3 Object of Act
10
The object of this Act is to position Australia as a leading
11
innovation nation by:
12
(a) facilitating the provision of independent strategic advice
13
about investment in industry, innovation, science and
14
research; and
15
(b) supporting and encouraging collaboration in the development
16
and delivery of programs relating to industry, innovation,
17
science and research; and
18
(c) authorising spending on programs relating to industry,
19
innovation, science and research; and
20
(d) promoting the development, and improving the efficiency
21
and international competitiveness, of Australian industry by
22
encouraging R&D activities, innovation and science activities
23
and venture capital activities.
24
3 Subsection 4(1)
25
Insert:
26
accountable authority has the meaning given by the Public
27
Governance, Performance and Accountability Act 2013.
28
Amendments Schedule 1
Main amendments Part 1
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
5
4 Subsection 4(1) (definition of appointed member)
1
After "Chairperson", insert ", the Deputy Chairperson".
2
5 Subsection 4(1) (definition of Board)
3
Omit "Innovation Australia", substitute "Innovation and Science
4
Australia".
5
6 Subsection 4(1)
6
Insert:
7
Deputy Chairperson means the Deputy Chairperson of the Board.
8
7 Subsection 4(1) (definition of member)
9
After "Chairperson", insert ", the Deputy Chairperson".
10
8 Subsection 4(1)
11
Insert:
12
non-corporate Commonwealth entity has the meaning given by
13
the Public Governance, Performance and Accountability Act 2013.
14
official has the meaning given by the Public Governance,
15
Performance and Accountability Act 2013.
16
9 Subsection 4(1) (definition of researcher)
17
Repeal the definition.
18
10 Subsection 4(1) (definition of technical assessment)
19
Repeal the definition.
20
11 Subsections 4(5) and (6)
21
Repeal the subsections.
22
12 At the end of section 4
23
Add:
24
(9) A reference in this Act to research is a reference to research in any
25
field.
26
Schedule 1 Amendments
Part 1 Main amendments
6
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
No. , 2016
13 Section 6
1
Repeal the section, substitute:
2
6 Establishment of Innovation and Science Australia
3
The body known immediately before the commencement of this
4
section as Innovation Australia is continued in existence with the
5
new name Innovation and Science Australia.
6
Note:
See also section 25B of the Acts Interpretation Act 1901.
7
14 Paragraph 7(aaa)
8
Repeal the paragraph, substitute:
9
(aa) to provide independent strategic advice to the Secretary, the
10
Minister and other Ministers in relation to industry,
11
innovation, science and research matters; and
12
(ab) to undertake audits of, and prepare, review and amend plans
13
in relation to, industry, innovation, science and research
14
matters; and
15
(ac) to promote investment in industry, innovation, science and
16
research; and
17
(ad) to commission and publish research in relation to industry,
18
innovation, science and research matters; and
19
15 Paragraph 7(d)
20
Repeal the paragraph, substitute:
21
(d) to do anything incidental or conducive to the performance of
22
any of the above functions.
23
16 Paragraph 9(1)(a)
24
Omit "Chairperson;" insert "Chairperson; and".
25
17 After paragraph 9(1)(a)
26
Insert:
27
(aa) a Deputy Chairperson; and
28
18 Paragraph 9(1)(c)
29
Omit "4, or more than 13", substitute "3, or more than 12".
30
Amendments Schedule 1
Main amendments Part 1
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
7
19 Subsection 9(2)
1
Omit "Governor-General", substitute "Minister".
2
20 Subsection 9(5)
3
After "Chairperson", insert "or the Deputy Chairperson,".
4
21 Subsection 9(5)
5
Omit "4", substitute "3".
6
22 Subsection 10(3)
7
Omit "Governor-General", substitute "Minister".
8
23 Section 14
9
Repeal the section, substitute:
10
14 Resignation
11
The Chairperson, the Deputy Chairperson or another appointed
12
member may resign the office of Chairperson, Deputy Chairperson
13
or member, as the case may be, by writing signed by him or her
14
and delivered to the Minister.
15
24 Section 15
16
Omit "Governor-General" (wherever occurring), substitute "Minister".
17
25 Subsection 17(1)
18
Omit "a member or other person", substitute "the Deputy Chairperson, a
19
member or other person".
20
26 After subsection 17(1)
21
Insert:
22
(1A) The Minister may appoint a member or other person to act as
23
Deputy Chairperson:
24
(a) during a vacancy in the office of Deputy Chairperson,
25
whether or not an appointment has previously been made to
26
the office; or
27
Schedule 1 Amendments
Part 1 Main amendments
8
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
No. , 2016
(b) during any period, or during all periods, when the Deputy
1
Chairperson is absent from Australia or is, for any other
2
reason, unable to perform the duties of the office of Deputy
3
Chairperson;
4
but a person so appointed must not continue to act in that
5
appointment for more than 12 months.
6
Note:
For rules that apply to acting appointments, see section 33A of the
7
Acts Interpretation Act 1901.
8
27 Subsection 18(4)
9
Repeal the subsection, substitute:
10
(4) If the Chairperson is not present at a meeting of the Board:
11
(a) the Deputy Chairperson is to preside; or
12
(b) if the Deputy Chairperson is not present--the members
13
present must appoint one of their number to preside at the
14
meeting.
15
28 Sections 18A to 20
16
Repeal the sections, substitute:
17
19 Minister may give directions to the Board
18
Directions conferring additional functions
19
(1) The Minister may, by notifiable instrument, give directions to the
20
Board that a function specified in the direction (being a function
21
relating to the object of this Act, the Pooled Development Funds
22
Act 1992 or the Venture Capital Act 2002) is an additional function
23
of the Board.
24
Directions about the performance of functions and exercise of
25
powers
26
(2) The Minister may, by notifiable instrument, give written directions
27
to the Board about the performance of its functions or the exercise
28
of its powers.
29
(3) Without limiting subsection (2), the Minister may give directions
30
to the Board in relation to:
31
Amendments Schedule 1
Main amendments Part 1
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
9
(a) the provision of technical assessments to the Minister in
1
relation to programs or activities, or proposals for programs
2
or activities, under or in connection with this Act; or
3
(b) the provision of a report or advice on a matter that relates to:
4
(i) any of the Board's functions or powers; or
5
(ii) the operation of this Act, the Pooled Development
6
Funds Act 1992 or the Venture Capital Act 2002; or
7
(iii) the operation of the Commonwealth's income tax laws
8
as they operate in relation to this Act, the Pooled
9
Development Funds Act 1992 or the Venture Capital Act
10
2002; or
11
(c) policies and practices to be followed by the Board in the
12
performance of its functions and the exercise of its powers.
13
(4) Subsection (2) does not empower the Minister to direct that the
14
Board perform any of its functions, or exercise any of its powers,
15
in a particular way in a particular case.
16
Limits and obligations relating to directions under this section
17
(5) A direction under subsection (1) or (2) must not confer a function
18
on the Board to commit or authorise the expenditure of
19
Commonwealth money.
20
(6) The Board must comply with a direction given under this section.
21
29 Subsections 21(1) and (2)
22
Repeal the subsections, substitute:
23
(1) The Board may, by resolution, delegate any or all of its functions
24
and powers to any of the following:
25
(a) the Chairperson;
26
(b) the Deputy Chairperson;
27
(c) a member of the Board;
28
(d) a committee;
29
(e) a member of the staff assisting the Board who is an SES
30
employee, or acting SES employee.
31
30 Subsection 22(1A)
32
Omit "21(2)", substitute "21(1)".
33
Schedule 1 Amendments
Part 1 Main amendments
10
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
No. , 2016
31 Subsection 22A(1)
1
After "assisting the committee", insert "who is an SES employee, or
2
acting SES employee,".
3
32 Subsection 22A(1)
4
Omit "21(2)", substitute "21(1)".
5
33 Subsection 22A(1A)
6
Repeal the subsection.
7
34 After Part III
8
Insert:
9
Part IV--Programs relating to industry,
10
innovation, science and research
11
12
33 Industry, innovation, science and research programs
13
(1) The Minister may, by legislative instrument, prescribe one or more
14
programs in relation to industry, innovation, science or research,
15
including in relation to the expenditure of Commonwealth money
16
under such programs.
17
(2) A program may only be prescribed under subsection (1) to the
18
extent that it is with respect to one or more legislative powers of
19
the Parliament.
20
(3) The legislative instrument must specify the legislative power or
21
powers of the Parliament in respect of which the instrument is
22
made.
23
(4) The legislative instrument may make provision in relation to:
24
(a) a description of the program; or
25
(b) the purpose of the program; or
26
(c) eligibility criteria relating to the program; or
27
(d) a process for making applications in relation to the program;
28
or
29
Amendments Schedule 1
Main amendments Part 1
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
11
(e) whether application fees are payable in relation to the
1
program.
2
(5) Subsections (3) and (4) do not limit subsection (1).
3
(6) The Minister may, by writing, delegate to another Minister, the
4
Minister's power under subsection (1).
5
(7) In performing functions and exercising powers under the
6
delegation, the delegate must comply with any directions of the
7
Minister.
8
34 Arrangements relating to industry, innovation, science and
9
research programs
10
(1) The Commonwealth may make, vary or administer an
11
arrangement:
12
(a) in relation to the carrying out of activities by a person under a
13
program prescribed by legislative instrument under
14
subsection 33(1); and
15
(b) for money to be payable by the Commonwealth to the person
16
for that purpose.
17
(2) The power conferred on the Commonwealth by subsection (1) may
18
be exercised on behalf of the Commonwealth by a Minister or an
19
accountable authority of a non-corporate Commonwealth entity.
20
Note:
For the power to delegate, see section 36.
21
(3) In this section:
22
administer an arrangement includes give effect to.
23
arrangement includes contract, agreement or deed.
24
make an arrangement includes enter into.
25
vary an arrangement means:
26
(a) vary in accordance with the terms or conditions of the
27
arrangement; or
28
(b) vary with the consent of the non-Commonwealth party or
29
parties to the arrangement.
30
Schedule 1 Amendments
Part 1 Main amendments
12
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
No. , 2016
35 Terms and conditions relating to industry, innovation, science
1
and research program arrangements
2
(1) If a party to an arrangement under section 34 is a State or
3
Territory:
4
(a) the terms and conditions on which money may be payable by
5
the Commonwealth under the arrangement must be set out in
6
a written agreement between the Commonwealth and the
7
State or Territory; and
8
(b) the State or Territory must comply with the terms and
9
conditions.
10
(2) If a party to an arrangement under section 34 is a corporation to
11
which paragraph 51(xx) of the Constitution applies:
12
(a) the terms and conditions on which money may be payable by
13
the Commonwealth under the arrangement must be set out in
14
a written agreement between the Commonwealth and the
15
corporation; and
16
(b) the corporation must comply with the terms and conditions.
17
(3) Without limiting subsection (2), the terms and conditions must
18
provide for the circumstances in which the corporation must repay
19
amounts to the Commonwealth.
20
(4) An agreement under subsection (1) or (2) may be entered into on
21
behalf of the Commonwealth by a Minister or an accountable
22
authority of a non-corporate Commonwealth entity.
23
Note:
For the power to delegate, see section 36.
24
(5) This section does not, by implication, prevent an arrangement
25
under section 34 between the Commonwealth and a person other
26
than a State or Territory or a corporation to which
27
paragraph 51(xx) of the Constitution applies from being made
28
subject to terms and conditions.
29
Amendments Schedule 1
Main amendments Part 1
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
13
36 Minister or accountable authority may delegate powers in
1
relation to arrangements
2
Delegation by a Minister
3
(1) A Minister may, by writing, delegate any or all of his or her
4
powers under section 34 or 35 to an official of any non-corporate
5
Commonwealth entity.
6
(2) In exercising powers under a delegation, the delegate must comply
7
with any directions of the Minister concerned.
8
Delegation by an accountable authority
9
(3) An accountable authority of a non-corporate Commonwealth entity
10
may, by writing, delegate any or all of his or her powers under
11
section 34 or 35 to an official of any non-corporate Commonwealth
12
entity.
13
(4) In exercising powers under a delegation, the delegate must comply
14
with any directions of the accountable authority concerned.
15
37 Relationship of this Part with certain other Acts
16
(1) Section 23 of the Public Governance, Performance and
17
Accountability Act 2013 (which deals with the power of
18
accountable authorities in relation to arrangements and
19
commitments) does not authorise the accountable authority of a
20
non-corporate Commonwealth entity to exercise, on behalf of the
21
Commonwealth, a power conferred on the Commonwealth by
22
section 33 of this Act.
23
(2) This Part does not, by implication, limit the operation of the
24
Financial Framework (Supplementary Powers) Act 1997.
25
38 Executive power of the Commonwealth
26
This Part does not, by implication, limit the executive power of the
27
Commonwealth.
28
Schedule 1 Amendments
Part 1 Main amendments
14
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
No. , 2016
35 Paragraph 44(6)(a)
1
Omit "to which Ministerial directions under section 18A or 19 apply",
2
substitute "to which this Act relates".
3
36 Section 46
4
Repeal the section, substitute:
5
46 Annual report
6
The Board must, as soon as practicable after the end of each
7
financial year, prepare and give to the Minister, for presentation to
8
the Parliament, a report on its operations during that year.
9
Note:
See also section 34C of the Acts Interpretation Act 1901, which
10
contains extra rules about annual reports.
11
37 Subsection 47(3) (definition of protected information)
12
After "covered by", insert "Part III of".
13
38 Section 48A
14
Repeal the section, substitute:
15
48A Fees for making applications
16
(1) The Minister may, by legislative instrument, prescribe fees, or a
17
method of working out fees:
18
(a) for making applications to the Board under Part III; or
19
(b) for the purposes of paragraph 33(4)(e).
20
(2) The fees must not be such as to amount to taxation.
21
39 Application and transitional provisions
22
(1)
A person who, immediately before the commencement of this item, was
23
a member of the Board continues, after that commencement, as a
24
member of the Board as if the person had been appointed by the
25
Minister.
26
(2)
The amendments made by this Part apply in relation to appointed
27
members whether the members were appointed before or after the
28
commencement of this Part.
29
Amendments Schedule 1
Main amendments Part 1
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
15
(3)
If a direction under section 18A, 19, 19B or 20 of the Industry Research
1
and Development Act 1986 was in force immediately before the
2
commencement of this item, the direction is taken, after that
3
commencement, to have been given under section 19 as inserted by
4
item 28 of this Schedule.
5
Schedule 1 Amendments
Part 2 Consequential and other amendments
16
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
No. , 2016
Part 2--Consequential and other amendments
1
Income Tax Assessment Act 1997
2
40 Section 43-100 (heading)
3
Repeal the heading, substitute:
4
43-100 Certificates by Innovation and Science Australia
5
41 Section 43-100
6
Omit "
*
Innovation Australia", substitute "
*
Innovation and Science
7
Australia".
8
42 Paragraph 118-425(2)(b)
9
Omit "
*
Innovation Australia", substitute "
*
Innovation and Science
10
Australia".
11
43 Subsection 118-425(2)
12
Omit "Innovation Australia", substitute "Innovation and Science
13
Australia".
14
44 Subsection 118-425(3) (note 3)
15
Omit "Innovation Australia", substitute "Innovation and Science
16
Australia".
17
45 Subsection 118-425(14) (heading)
18
Repeal the heading, substitute:
19
Innovation and Science Australia discretion
20
46 Subsection 118-425(14)
21
Omit "
*
Innovation Australia", substitute "
*
Innovation and Science
22
Australia".
23
Amendments Schedule 1
Consequential and other amendments Part 2
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
17
47 Paragraph 118-427(3)(c)
1
Omit "
*
Innovation Australia", substitute "
*
Innovation and Science
2
Australia".
3
48 Subsection 118-427(3)
4
Omit "Innovation Australia", substitute "Innovation and Science
5
Australia".
6
49 Subsection 118-427(4) (note 3)
7
Omit "Innovation Australia", substitute "Innovation and Science
8
Australia".
9
50 Subsection 118-427(15) (heading)
10
Repeal the heading, substitute:
11
Innovation and Science Australia discretion
12
51 Subsection 118-427(15)
13
Omit "
*
Innovation Australia", substitute "
*
Innovation and Science
14
Australia".
15
52 Section 355-705 (heading)
16
Repeal the heading, substitute:
17
355-705 Effect of findings by Innovation and Science Australia
18
53 Paragraph 355-705(2)(c)
19
Omit "Innovation Australia", substitute "
*
Innovation and Science
20
Australia".
21
54 Paragraph 355-705(3)(c)
22
Omit "Innovation Australia", substitute "
*
Innovation and Science
23
Australia".
24
55 Subsection 355-710(1) (heading)
25
Repeal the heading, substitute:
26
Schedule 1 Amendments
Part 2 Consequential and other amendments
18
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
No. , 2016
Dealing with findings of Innovation and Science Australia
1
56 Subsection 355-710(3) (heading)
2
Repeal the heading, substitute:
3
Dealing with key decisions of Innovation and Science Australia
4
and others
5
57 Subsection 995-1(1) (definition of form approved by
6
Innovation Australia)
7
Repeal the definition, substitute:
8
form approved by Innovation and Science Australia has the same
9
meaning as in section 33-5 of the Venture Capital Act 2002.
10
58 Subsection 995-1(1)
11
Insert:
12
Innovation and Science Australia means the board established by
13
section 6 of the Industry Research and Development Act 1986.
14
59 Subsection 995-1(1) (definition of Innovation Australia)
15
Repeal the definition.
16
Industry Research and Development Act 1986
17
60 Paragraph 9(1)(b)
18
Omit "notice in writing published in the Gazette", substitute "notifiable
19
instrument".
20
61 Subsection 22(1)
21
Omit "from time to time, by notice in writing published in the Gazette",
22
substitute "by notifiable instrument".
23
62 Application provision
24
The amendment of subsection 22(1) of the Industry Research and
25
Development Act 1986 made by item 61 of this Schedule does not apply
26
in relation to committees appointed before the commencement of this
27
item.
28
Amendments Schedule 1
Consequential and other amendments Part 2
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
19
63 Subsection 23(1)
1
Omit "from time to time", substitute "by notifiable instrument".
2
64 Subsection 23(4)
3
Repeal the subsection.
4
65 Transitional provision
5
If, immediately before the commencement of this item, a direction
6
under subsection 23(1) of the Industry Research and Development Act
7
1986 was in force, the direction is taken, after that commencement, to
8
have been given under that subsection as amended by item 63 of this
9
Schedule.
10
Pooled Development Funds Act 1992
11
66 Subsection 4(1) (definition of Board)
12
Omit "Innovation Australia", substitute "Innovation and Science
13
Australia".
14
Taxation Administration Act 1953
15
67 Subsection 355-65(4) of Schedule 1 (table item 6)
16
Omit "Innovation Australia", substitute "Innovation and Science
17
Australia".
18
Venture Capital Act 2002
19
68 The whole of the Act
20
The Venture Capital Act 2002 is amended as follows:
21
(a) by omitting "
*
Innovation Australia" (wherever occurring)
22
and substituting "
*
Innovation and Science Australia";
23
(b) by omitting "
*
Innovation Australia's" (wherever occurring)
24
and substituting "
*
Innovation and Science Australia's";
25
(c) by omitting "Innovation Australia" (wherever occurring) and
26
substituting "Innovation and Science Australia";
27
(d) by omitting "Innovation Australia's" (wherever occurring)
28
and substituting "Innovation and Science Australia's";
29
Schedule 1 Amendments
Part 2 Consequential and other amendments
20
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
No. , 2016
(e) by omitting "Innovation Australia" (wherever occurring)
1
and substituting "Innovation and Science Australia";
2
(f) by omitting "Innovation Australia" (wherever occurring)
3
and substituting "Innovation and Science Australia".
4
Amendments Schedule 1
Contingent amendments Part 3
No. , 2016
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
21
Part 3--Contingent amendments
1
Income Tax Assessment Act 1997
2
69 The whole of the Act
3
The Income Tax Assessment Act 1997 is amended as follows:
4
(a) by omitting "
*
Innovation Australia" (wherever occurring)
5
and substituting "
*
Innovation and Science Australia";
6
(b) by omitting "
*
Innovation Australia's" (wherever occurring)
7
and substituting "
*
Innovation and Science Australia's";
8
(c) by omitting "Innovation Australia" (wherever occurring) and
9
substituting "Innovation and Science Australia";
10
(d) by omitting "Innovation Australia" (wherever occurring)
11
and substituting "Innovation and Science Australia";
12
(e) by omitting "Innovation Australia" (wherever occurring) and
13
substituting "Innovation and Science Australia";
14
(f) by omitting "Innovation Australia" (wherever occurring)
15
and substituting "Innovation and Science Australia".
16
Taxation Administration Act 1953
17
70 The whole of the Act
18
The Taxation Administration Act 1953 is amended as follows:
19
(a) by omitting "
*
Innovation Australia" (wherever occurring)
20
and substituting "
*
Innovation and Science Australia";
21
(b) by omitting "
*
Innovation Australia's" (wherever occurring)
22
and substituting "
*
Innovation and Science Australia's";
23
(c) by omitting "Innovation Australia" (wherever occurring) and
24
substituting "Innovation and Science Australia";
25
(d) by omitting "Innovation Australia" (wherever occurring)
26
and substituting "Innovation and Science Australia".
27
Schedule 1 Amendments
Part 3 Contingent amendments
22
Industry Research and Development Amendment (Innovation and
Science Australia) Bill 2016
No. , 2016
Venture Capital Act 2002
1
71 Section 25-15 (heading)
2
Repeal the heading, substitute:
3
25-15 Innovation and Science Australia may determine matters
4
relating to requirements for eligible venture capital
5
investments
6
72 Subsections 25-15(1) and (1A)
7
Omit "
*
Innovation Australia", substitute "
*
Innovation and Science
8
Australia".
9