Save Search

Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Tax Laws Amendment (Research and Development) Bill 2011

2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Tax Laws Amendment (Research and Development) Bill 2011

 

No.      , 2011

 

 

 

 

 

A Bill for an Act to amend the law relating to taxation and research and development, and for other purposes

   

   



Contents

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

2............ Commencement................................................................................... 1

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

 



A Bill for an Act to amend the law relating to taxation and research and development, and for other purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Tax Laws Amendment (Research and Development) Act 2011.

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 and 2

The day this Act receives the Royal Assent.

 

3.  Schedule 3, Parts 1 to 4

The day this Act receives the Royal Assent.

 

4.  Schedule 3, Part 5, Division 1

The later of:

(a) the start of the day this Act receives the Royal Assent; and

(b) immediately after the commencement of Schedule 2 to the Tax Laws Amendment (Transfer of Provisions) Act 2010 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

5.  Schedule 3, Part 5, Division 2

The day this Act receives the Royal Assent.

However, if Schedule 2 to the Tax Laws Amendment (Transfer of Provisions) Act 2010 commences on or before that day, the provision(s) do not commence at all.

 

6.  Schedule 3, Part 6

The day this Act receives the Royal Assent.

 

7.  Schedules 3A and 4

The day this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in Column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.