Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Reporting of information about research and development tax offset
Taxation Administration Act 1953
1 At the end of Part I A
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3H Reporting of information about research and development tax offset
(1) This section applies to an R&D entity in relation to an income year if, according to information the entity gave the Commissioner, the entity is entitled under Division 355 of the Income Tax Assessment Act 1997 to a tax offset for amounts it can deduct under that Division for the income year.
(2) The Commissioner must, as soon as practicable after the second 30 June after the financial year corresponding to the income year, make publicly available the information mentioned in subsection (3).
(3) The information is as follows:
(a) the entity's name;
(b) the entity's ABN or, if the first information the entity gave the Commissioner indicating the entity's entitlement to the tax offset does not include the entity's ABN but does include the entity's ACN (within the meaning of the Corporations Act 2001 ), the entity's ACN;
(c) if, according to the first information the entity gave the Commissioner indicating the entity's entitlement to the tax offset, the total described in paragraph ( 4)(a) exceeds the total described in paragraph ( 4)(b)--the excess.
(4) For the purposes of paragraph ( 3)(c), the totals are as follows:
(a) the total of what the entity can deduct for the income year as described in subsection (1) of this section;
(b) the total of the amounts the entity has under section 355 - 445 of the Income Tax Assessment Act 1997 for the income year.
(5) Subsection (6) applies if:
(a) the entity gives the Commissioner a notice in writing that the information mentioned in paragraph ( 3)(c) contains an error; and
(b) the notice contains information that corrects the error.
(6) The Commissioner may at any time make the information mentioned in paragraph ( 5)(b) publicly available, in accordance with subsection (2), in order to correct the error.
(7) To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure.
(8) An expression used in this section and in the Income Tax Assessment Act 1997 has the same meaning in this section as in that Act.
2 Subsection 355 - 50(1) in Schedule 1 (note 2)
Omit "and 3E", substitute ", 3E and 3H".
3 Application
Section 3H of the Taxation Administration Act 1953 applies to income years that start on or after 1 July 2021.
Part 2 -- Determinations about performance of Board's functions
Industry Research and Development Act 1986
4 At the end of section 26A
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• The Board may make general determinations about how it will exercise its powers, and perform its functions and duties, under this Part. The Board must act in accordance with such a determination.
5 After Division 6 of Part I II
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Division 6A -- Determinations about Board's powers, functions and duties under this Part
• The Board may make general determinations about the circumstances or way in which it will exercise its powers, or perform its functions or duties, under this Part.
• The Board must act in accordance with such a determination.
• A determination cannot override the decision - making principles.
31D Board may make a determination about its powers, functions and duties
(1) On its own initiative, the Board may, by notifiable instrument, make a determination about the circumstances or way in which the Board will exercise any of its powers, or perform any of its functions or duties, under this Part (except this Division).
(2) The determination must not relate to the exercise of powers, or the performance of functions or duties, in a particular case or in relation to a particular entity.
(3) The Board must exercise its powers, and perform its functions and duties, under this Part (except section 30D and this Division) in accordance with the determination.
Note: Section 30D is about the Board reviewing a reviewable decision.
(4) The determination has no effect to the extent of any inconsistency with this Act, the regulations or the decision - making principles.
Note: The Board must revoke or amend the determination to remove any inconsistency: see section 31E.
31E When Board must amend or revoke a determination
(1) This section applies to a determination made under section 31D if:
(a) as a result of reviewing under section 30D a reviewable decision that was made in accordance with the determination because of section 31D, the Board is satisfied that the determination is incorrect; or
(b) the determination is inconsistent with:
(i) a decision of a court; or
(ii) a decision of the Administrative Appeals Tribunal on review of an internal review decision relating to a reviewable decision that was made in accordance with the determination because of section 31D; or
(iii) this Act, the regulations or the decision - making principles.
(2) The Board must, by notifiable instrument, revoke the determination or amend it so it is no longer incorrect or inconsistent.
(3) This section does not limit the application of subsection 33(3) of the Acts Interpretation Act 1901 in relation to the power to make a determination under section 31D of this Act.
Note: Subsection 33(3) of the Acts Interpretation Act 1901 provides that a power to make an instrument includes the power to revoke or vary the instrument.
6 Application
The amendments made by this Part apply in relation to the exercise of powers, and the performance of functions and duties, by the Board after the commencement of this Part.
Part 3 -- Delegation by Board and committees
Industry Research and Development Act 1986
7 Paragraph 21(1)(e)
Omit "who is an SES employee, or acting SES employee".
8 Subsection 2 2A(1)
Omit "who is an SES employee, or acting SES employee,".
Industry Research and Development Decision - making Principles 2011
9 At the end of section 3.2
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(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 I II of the Act.