Document ID: chunk:federal_register_of_legislation:C2004C01405:clause:3_1
Version: federal_register_of_legislation:C2004C01405
Segment Type: clause
Provision Reference: sch 3 cl 1
Character Range: 61860–64215

1  At the end of section 10
Add:

 (10) If there is an unmatched R&D excess for a financial year that started or starts on or after 1 July 2001, the amount spent by the eligible body in the following financial year on activities that qualify, under the funding contract, as research and development activities is taken, for the purposes of this section (including for the purposes of this subsection and subsection (11)), to be increased by the amount of the unmatched R&D excess.

Note: This means that research and development expenditure that is not "50% matched" in one financial year because of the cap in subsection (6) or paragraph (8)(a) can be carried forward into later years.

 (11) For the purposes of subsection (10), there is an unmatched R&D excess for a financial year if:
 (a) the eligible body spends a particular amount (the R&D spend amount) in the financial year on activities that qualify, under the funding contract, as research and development activities; and
 (b) because of the operation of subsection (6) or paragraph (8)(a), the matching payments in respect of the financial year are less than 50% of the R&D spend amount;
and the amount of the unmatched R&D excess is:

 (12) Subsection (13) applies if the sum of the amounts that became payable to the Corporation under paragraph 30(1)(b) of the Research and Development Act was less than 50% of the Corporation's qualifying R&D expenditure because of the operation of section 31 or 32 of that Act.

 (13) If this subsection applies, the amount spent by the eligible body in the financial year that started on 1 July 2001 on activities that qualify, under the funding contract, as research and development activities is taken, for the purposes of this section (including for the purposes of subsections (10) and (11)), to be increased by the amount worked out using the following formula:

 (14) In subsections (12) and (13):

Corporation means the Pig Research and Development Corporation.

qualifying R&D expenditure of the Corporation means the sum of the amounts spent by the Corporation before 30 June 2001 on activities covered by section 33 of the Research and Development Act (other than paragraph 33(1)(d) of that Act).

Research and Development Act means the Primary Industries and Energy Research and Development Act 1989.

Wool Services Privatisation Act 2000