Commonwealth Numbered Acts Commonwealth Numbered Acts(1) The Consolidated Revenue Fund is appropriated for the purposes of payments by the Commonwealth under section 8.
Overall limit for forestry service payments
(2) For forestry service payments, the total limit on the appropriation is the sum of the tax‑related amounts.
Overall limit for matching payments
(3) For matching payments, the total limit on the appropriation is the sum of the tax‑related amounts.
Matching payments--annual limit
(4) For matching payments for a particular financial year, the limit on the appropriation is the lesser of:
(a) 0.5% of the amount determined by the Minister to be the gross value of production of the Australian forestry industry in that financial year; and
(b) 50% of the amount spent by the company in that financial year on activities that qualify, under the funding contract, as research and development activities.
(5) For the purposes of subsection (4), the regulations may prescribe the manner in which the Minister is to determine the gross value of production of the Australian forestry industry in a financial year.
Matching payments--unmatched R and D excess
(6) If there is an unmatched R and D excess for a financial year, the amount spent by the company in the following financial year on activities that qualify, under the funding contract, as research and development activities is taken, for the purposes of this section (including for the purposes of this subsection and subsection (7)), to be increased by the amount of the unmatched R and D excess.
Note: This means that research and development expenditure that is not "50% matched" in one financial year because of the cap in paragraph (4)(a) can be carried forward into later years.
(7) For the purposes of subsection (6), there is an unmatched R and D excess for a financial year if:
(a) the company spends a particular amount (the R and D spend amount ) in the financial year on activities that qualify, under the funding contract, as research and development activities; and
(b) because of paragraph (4)(a), the matching payments for the financial year are less than 50% of the R and D spend amount.
The amount of the unmatched R and D excess is:
Note: Amounts spent and received by the Forest and Wood Products Research and Development Corporation before it ceased to exist may also affect whether there is an unmatched R and D excess, and its amount: see the Forestry Marketing and Research and Development Services (Transitional and Consequential Provisions) Act 2007 .
