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The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax Laws Amendment (Research and Development) Bill 2010
No. , 2010
(Treasury)
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 4—Application, savings and transitional provisions 112
Part 1—Application provisions 112
Part 2—General savings provisions 113
Part 3—Transitional provisions appearing as amendments of other Acts 116
Income Tax Assessment Act 1997 116
Income Tax (Transitional Provisions) Act 1997 116
Part 4—Other savings and transitional provisions 135
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:
This Act may be cited as the Tax Laws Amendment (Research and Development) Act 2010.
(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.
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Commencement information |
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Column 1 |
Column 2 |
Column 3 |
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Provision(s) |
Commencement |
Date/Details |
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1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
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2. Schedules 1 and 2 |
The day this Act receives the Royal Assent. |
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3. Schedule 3, Parts 1 to 4 |
The day this Act receives the Royal Assent. |
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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. |
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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. |
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6. Schedule 3, Part 6 |
The day this Act receives the Royal Assent. |
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7. Schedule 4 |
The day this Act receives the Royal Assent. |
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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.
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.