Document ID: chunk:federal_register_of_legislation:C2004C01405:clause:3_2
Version: federal_register_of_legislation:C2004C01405
Segment Type: clause
Provision Reference: sch 3 cl 2
Character Range: 64215–65421

2  After subsection 31(8)
Insert:

 (8A) 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 research 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 (8B)), 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 (7)(a) can be carried forward into later years.

 (8B) For the purposes of subsection (8A), there is an unmatched R&D excess for a financial year if:
 (a) the research 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 (7)(a), the category B 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: