Document ID: chunk:federal_register_of_legislation:C2014C00703:clause:3a_5:p2
Version: federal_register_of_legislation:C2014C00703
Segment Type: clause
Provision Reference: sch 3A cl 5 (pt 2/2)
Character Range: 179156–181007

matters of a consequential, ancillary or incidental nature.
Note 1: Innovation Australia's findings (see paragraph (c)) could be made before, during or after the consideration of an application for quarterly credits.
Note 2: Innovation Australia could make decisions on its own initiative or on application. For example, Innovation Australia could make a finding, or vary a finding or an approval, on its own initiative.
(2) Without limiting paragraph (1)(a), examples of additional eligibility criteria include the following:
 (a) that it is reasonable to expect that the R&D entity will be in a net refund assessment position for the income year;
 (b) that the R&D entity has been assessed as being entitled under section 355‑100 of the Income Tax Assessment Act 1997 to a tax offset (whether a refundable tax offset or not) for an earlier income year.
(3) Fees referred to in paragraph (1)(e) must not be such as to amount to taxation.
(4) Without limiting paragraph (1)(p), examples of integrity measures include the following:
 (a) if an R&D entity's total credits for an income year exceeds the amount of the R&D entity's entitlement to a refundable R&D tax offset for the income year—that the R&D entity may be liable to pay a penalty on the excess;
 (b) if the approval of an R&D entity's application for quarterly credits for an income year is revoked—that the R&D entity's total credits for the income year become a debt due to the Commonwealth at a specified time.
(5) As a result of the regulations, the collective operation of the relevant Acts may provide that a disclosure referred to in paragraph (1)(r) may be made despite:
 (a) subsection 47(1) of the Industry Research and Development Act 1986; and
 (b) sections 355‑25, 355‑155 and 355‑265 in Schedule 1 to the Taxation Administration Act 1953.
(6) This item does not limit item 2.