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Monday, 22 August 2011
Page: 5100

Senator COLBECK (Tasmania) (21:41): by leave—I move requests (R5) and (R6) on sheet 7011 together:

(R5)   Schedule 1, item 1, page 8 (table item 1), after "apply)", add "where, in calculating aggregate turnover, references in section 328-125 to at least 40% are read as references to greater than 50%".

(R6)   Schedule 1, item 1, page 9 (table before line 1, table item 2), omit paragraph (a), substitute:

(a) references in section 328-125 to at least 40% were references to greater than 50%; and

The statement of reasons accompanying the requests read as follows—

Amendments (R3), (R4), (R5) and (R6)

The effect of these amendments will be to allow an increase in the number of claimants for tax deductions for research and development expenditure and to allow an increase in the amounts that can be claimed as tax deductions for research and development expenditure. This will increase amounts paid out under a refundable tax offset, which would be met from the standing appropriation in section 16 of the Taxation Administration Act 1953, and the amendments are therefore presented as requests.