Document ID: chunk:federal_register_of_legislation:F2009B00223:body:0:p2
Version: federal_register_of_legislation:F2009B00223
Segment Type: other
Provision Reference: 
Character Range: 2942–6002

same meaning as in the A New Tax System (Goods and Services Tax) Act 1999;

       guideline means:

            (a) a guideline made by the Board under Part 7; or

           (b) if the Board has not yet made a guideline under Part 7, the guidelines for applicants approved by the Minister;

       Innovation Investment Fund means the Innovation Investment Fund program administered by the Board under directions given under sections 19 and 20 of the Industry Research and Development Act 1986;

       input tax credit has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999;

       Pooled Development Funds means the scheme established under the Pooled Development Funds Act 1992;

       proof of concept means work or activities, necessary to establish the commercial and technical viability of a process or product, of a kind set out in a guideline or determination;

       revoked directions means the directions revoked by clause 24; and

       start-up company means a company formed or acquired for the purpose of commercialising Australian biotechnology and that, at the time the company's application was made, had not been incorporated for more than 24 months.

       (2)        These directions apply to a proposed company on whose behalf an application is made as if the company has been incorporated as proposed, unless a contrary intention appears.

       (3)        In these directions, may is permissive and not mandatory.

PART 2 — ADDITIONAL FUNCTION AND POLICIES AND PRACTICES

Additional function of the Board

    5. (1) The Board must administer the Biotechnology Innovation Fund.

       (2) This is an additional function of the Board being a function relating to the object of the Industry Research and Development Act 1986.

       (3) This direction is given under section 19(1) of that Act.

Policies and practices to be followed by the Board

       6. (1) The policies and practices to be followed by the Board in the performance of its additional function in clause 5, and the exercise of the Board's powers in relation to that additional function, are the policies and practices set out in these directions.

       (2) These directions are made under section 20(1) of the Industry Research and Development Act 1986.

Board to follow certain policies

    7.             The policies to be followed by the Board in administering the Biotechnology Innovation Fund are:

       (a)    to increase the rate of commercialisation of Australian biotechnology innovation;

       (b)    to reduce the cost to companies of demonstrating proof of concept for biotechnology innovation;

       (c)    to encourage commercialisation of promising biotechnology developed in Australia;

       (d)    to assist in the development of biotechnology innovation to attract private sector investment; and

        (e)  to increase the level of commercialisation of biotechnology in Australia to provide national benefit.

PART 3 — PROCEDURE FOR CONSIDERING APPLICATIONS

Procedure

       8.