Senator KEMP (Assistant Treasurer)(11.52 p.m.) —by leave—I move:

(1)   Schedule 4, item 72, page 65 (after line 13), after subsection (2), insert:

(2A) If:

   (a)   before the commencement time, an application was made under section 39P to register 2 or more eligible companies jointly in relation to a proposed project in respect of a year of income or years of income; and

   (b)   by the commencement time, the Board had not, in respect of the application, registered or refused to register the companies jointly;

   subsection (1) does not prohibit the Board, in respect of the application, from registering the companies jointly.

(2)   Schedule 4, item 73, page 66 (line 20), after "39PA(2)", insert ", (2A)".

I table the supplementary explanatory memorandum relating to the government amendments I have just moved to this bill. The memorandum was circulated in the chamber on 12 December 1996.

The government amendments provide for syndicates that had lodged an application for joint registration under section 39P before 5 p.m. on 23 July 1996. These syndicates had to complete applications lodged and had investors committed to the carrying out of the R&D. They represent the most advanced proposals on hand and those that may have reasonably incurred expenditure.