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Commonwealth of Australia

Industry Research and Development Act 1986

Biotechnology Innovation Fund Directions No 1 of 2002

I, Ian Elgin Macfarlane, Minister for Industry, Tourism and Resources, acting under subsections 19 (1) and 20 (1) of the Industry Research and Development Act 1986, give the following directions to the Industry Research and Development Board.

Dated  21 February  2002

Signed Ian Macfarlane

Minister for Industry, Tourism and Resources

____________

PART 1 — PRELIMINARY

Name of directions

    1. These directions are the Biotechnology Innovation Fund Directions No 1 of 2002.

Commencement

   2. These directions commence on the day on which the directions are published in the Gazette.

Object of these directions

    3. The object of this instrument is to give directions to the Board in relation to:

       (a)          an additional function of the Board to administer the Biotechnology Innovation Fund, a program to:

           (i) encourage Australian industry to commercialise promising biotechnology developed in Australia; and

           (ii) assist in attracting private sector investment in biotechnology.

       (b) the policies and practices to be followed by the Board in the performance of the function.

Interpretation

   4. (1) In these directions, unless the contrary intention applies:

       accept means admit for assessment in accordance with these directions and acceptance has a corresponding meaning.

       agreement means an agreement mentioned in clause 16;

       applicant means a company that makes an application or a proposed company on whose behalf an application is made;

       application means an application for financial assistance and includes an application for financial assistance made before these directions commence;

       biotechnology means biotechnology of a kind set out in a guideline or determination of the Board;

       Biotechnology Innovation Fund means the merit-based program designed to encourage Australian industry to commercialise promising biotechnology developed in Australia and to assist in attracting private sector investment in biotechnology;

       company means a company incorporated in Australia;

       determination means a determination of the Board under Part 7;

       eligible expenditure means expenditure that is eligible expenditure under a guideline or determination but does not include any amount for which an applicant is entitled to receive an input tax credit (whether or not the input tax credit is claimed);

       financial assistance means a payment under the Biotechnology Innovation Fund;

       funding round means a period of time in which all applications received by the Board will be assessed by comparing the merit of each application under the merit criteria in clause 13 with the merit of all other applications under those merit criteria;

       GST has the 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