Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Schedule(s)......................................................................................... 3

Schedule 1--Main components of new R&D incentive                                  4

Income Tax Assessment Act 1997                                                                              4

Schedule 2--Innovation Australia's role                                                               45

Part 1--Main amendment                                                                                         45

Industry Research and Development Act 1986                                                    45

Part 2--Other amendments                                                                                      78

Industry Research and Development Act 1986                                                    78

Schedule 3--Other amendments relating to new R&D incentive           84

Part 1--Tax offset rules                                                                                             84

Income Tax Assessment Act 1997                                                                            84

Part 2--Prepayments of expenditure                                                                  86

Income Tax Assessment Act 1936                                                                            86

Part 3--Capital allowances                                                                                      89

Income Tax Assessment Act 1997                                                                            89

Part 4--Capital works                                                                                                 96

Income Tax Assessment Act 1997                                                                            96

Part 5--Forgiveness of commercial debts                                                        99

Division 1--Amending the new law                                                                       99

Income Tax Assessment Act 1997                                                                            99

Division 2--Amending the old law                                                                         99

Income Tax Assessment Act 1936                                                                            99

Part 6--Other amendments                                                                                    100

Income Tax Assessment Act 1936                                                                          100

Income Tax Assessment Act 1997                                                                          101

Income Tax (Transitional Provisions) Act 1997                                                111

Taxation Administration Act 1953                                                                       111

Schedule 3A--Quarterly credits                                                                               112

Part 1--Introduction                                                                                                 112

Part 2--Power to make regulations to modify operation of Acts      113

Part 3--Modified Acts may provide for certain matters                        115

Part 4--Alternative constitutional basis                                                          118

Part 5--Other matters                                                                                               119

Schedule 4--Application, savings and transitional provisions               120

Part 1--Application provisions                                                                            120

Part 2--General savings provisions                                                                    121

Part 3--Transitional provisions appearing as amendments of other Acts               124

Income Tax Assessment Act 1997                                                                          124

Income Tax (Transitional Provisions) Act 1997                                                124

Part 4--Other savings and transitional provisions                                      143

 

 

 

Tax Laws Amendment (Research and Development) Act 2011

No. 93, 2011

 

An Act to amend the law relating to taxation and research and development, and for other purposes

[Assented to 8 September 2011]

The Parliament of Australia enacts:

[Minister's second reading speech made in--

House of Representatives on 30 September 2010

Senate on 23 November 2010]