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Taxation Laws Amendment (Research and Development) Bill 2001

 

 

 

 

Taxation Laws Amendment (Research and Development) Act 2001

 

No. 170, 2001



 

 

 

 

Taxation Laws Amendment (Research and Development) Act 2001

 

No. 170, 2001

 

 

 

 

An Act to amend the law relating to taxation incentives for research and development, and for related purposes

   

   



Contents

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

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

3............ Schedule(s).......................................................................................... 2

Schedule 1—Streamlining amendments                                                                      3

Part 1—Objects provisions                                                                                            3

Income Tax Assessment Act 1936                                                                               3

Industry Research and Development Act 1986                                                       3

Part 1A—Report on access to tax offset                                                                  5

Industry Research and Development Act 1986                                                       5

Part 3—Research and development plans                                                                6

Income Tax Assessment Act 1936                                                                               6

Industry Research and Development Act 1986                                                       6

Schedule 2—Plant etc.                                                                                                           8

Part 1—Retrospective change to qualifying plant expenditure                          8

Income Tax Assessment Act 1936                                                                               8

Part 2—Retrospective exemption of pilot plant from CGT provisions          9

Income Tax (Transitional Provisions) Act 1997                                                    9

Part 3—Effective life basis for deduction                                                                10

Division 1—Amendments commencing at 12 pm on 29 January 2001                10

Income Tax Assessment Act 1936                                                                             10

Income Tax Assessment Act 1997                                                                             28

Industry Research and Development Act 1986                                                     34

Division 2—Amendments commencing immediately after the New Business Tax System (Capital Allowances) Act 2001                                                                                                                34

Income Tax Assessment Act 1936                                                                             34

Income Tax Assessment Act 1997                                                                             53

Industry Research and Development Act 1986                                                     59

Schedule 3—Refundable tax offset                                                                             61

Income Tax Assessment Act 1936                                                                             61

Income Tax Assessment Act 1997                                                                             69

Taxation (Interest on Overpayments and Early Payments) Act 1983              69

Schedule 4—Incremental tax incentive                                                                     71

Income Tax Assessment Act 1936                                                                             71

 



Taxation Laws Amendment (Research and Development) Act 2001

No. 170, 2001

 

 

 

An Act to amend the law relating to taxation incentives for research and development, and for related purposes

[ Assented to 1 October 2001 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Taxation Laws Amendment (Research and Development) Act 2001 .

2   Commencement

             (1)  Subject to this section, this Act commences on the day on which it receives the Royal Assent.

             (2)  Division 1 of Part 3 of Schedule 2 is taken to have commenced at 12 pm, by legal time in the Australian Capital Territory, on 29 January 2001.

             (3)  Division 2 of Part 3 of Schedule 2 commences, or is taken to have commenced, immediately after the commencement of the New Business Tax System (Capital Allowances) Act 2001 .

3   Schedule(s)

                   Subject to section 2, 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.