Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p57
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 141429–144561

set out in the
guidelines formulated under subsection 39EB(1);
the Board may amend the certificate accordingly and return the
amended certificate to the company.".
  4. Section 39F:
Insert "Australian" before "research" (wherever occurring).
  5. After section 39L:
Insert:
Certificate as to overseas research and development activities
  "39LAA. (1) The Board may, and must if requested in writing
by the Commissioner to do so, give to the Commissioner a
certificate stating whether particular activities that have
been or are being carried on by or on behalf of an eligible
company in respect of a project are the overseas research and
development activities described in the provisional certificate
given to the company.
  "(2) If the Board gives a certificate under subsection (1),
the Board must give to the company concerned:
  (a) a copy of the certificate; and
  (b) if the Board decided that particular activities were not
the overseas research and development activities described in
the provisional certificate - a statement of the reasons for
its decision.".
  6. Paragraph 39P(3)(c):
Omit "$1,000,000", substitute "$500,000".
  7. Subsection 39S(1):
  (a) After "under", insert "section 39ED, subsection
39EE(3),".
  (b) Insert ", 39LAA" after "39L".
  8. Application
The amendment made by item 6 applies to the joint registration
of companies on or after 1 July 1994 in respect of a proposed
project or proposed projects comprising or including research
and development activities starting on or after that date.
            PART 2 - INCOME TAX ASSESSMENT ACT 1936
  9. Object
The object of this Part is to broaden the research and
development taxation concession by reducing the expenditure
threshold and extending the concession to activities conducted
outside Australia and the external Territories.
  10. Subsection 73B(1) (definition of "aggregate research and
development amount"):
Add at the end (but not as part of paragraph (d)) "but does not
include expenditure on overseas research and development
activities that is not certified expenditure".
  11. Subsection 73B(1) (definition of "deduction acceleration
factor"):

Omit the definition.
  12. Subsection 73B(1):
Insert:
  "'Australian research and development activities' means
research and development activities that are carried on in
Australia or in an external Territory;
  'certified expenditure' means expenditure that was incurred
by an eligible company on overseas research and development
activities in respect of which the Board gave a provisional
certificate under section 39ED of the Industry Research and
Development Act 1986 before the expenditure was incurred;
  'overseas research and development activities' means research
and development activities that are carried on outside
Australia and the external Territories;".
  13. Subsection 73B(1) (definition of "research and
development activities"):
Omit the definition, substitute:
  "'research and development activities' means:
  (a) systematic, investigative or experimental activities that
involve innovation or technical risk and are carried on for the
purpose of:
    (i) acquiring