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Industry Research and Development Amendment (Innovation and Science Australia) Bill 2016

2016

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Industry Research and Development Amendment (Innovation and Science Australia) Bill 2016

 

No.      , 2016

 

(Industry)

 

 

 

A Bill for an Act to amend the Industry Research and Development Act 1986 , and for related purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 3

Schedule 1—Amendments                                                                                                 4

Part 1—Main amendments                                                                                          4

Industry Research and Development Act 1986                                                       4

Part 2—Consequential and other amendments                                               16

Income Tax Assessment Act 1997                                                                             16

Industry Research and Development Act 1986                                                     18

Pooled Development Funds Act 1992                                                                    19

Taxation Administration Act 1953                                                                          19

Venture Capital Act 2002                                                                                         19

Part 3—Contingent amendments                                                                           21

Income Tax Assessment Act 1997                                                                             21

Taxation Administration Act 1953                                                                          21

Venture Capital Act 2002                                                                                         22

 

 



A Bill for an Act to amend the Industry Research and Development Act 1986 , and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Industry Research and Development Amendment (Innovation and Science Australia) Act 2016 .

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

Provisions

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.  Schedule 1, Part 1

The day this Act receives the Royal Assent.

 

3.  Schedule 1, items 40 to 59

The day this Act receives the Royal Assent.

However, if Parts 1 to 8 of Schedule 2 to the Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 commence at or before that time, the provisions do not commence at all.

 

4.  Schedule 1, items 60 to 68

The day this Act receives the Royal Assent.

 

5.  Schedule 1, Part 3

The later of:

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

(b) immediately after Parts 1 to 8 of Schedule 2 to the Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 commences.

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

 

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   Schedules

                   Legislation 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.