Document ID: chunk:federal_register_of_legislation:C2004A00408:clause:1_39ef
Version: federal_register_of_legislation:C2004A00408
Segment Type: clause
Provision Reference: sch 1 cl 39EF
Character Range: 6612–8660

39EF  Board's power to amend or revoke provisional certificate on its own initiative

 (1) The Board may, on its own initiative, amend or revoke a provisional certificate given to an eligible company under section 39ED as provided in this section.

Note: For the Board's power to amend the provisional certificate on application by the company, see subsections 39EE(2) and (3).

 (2) If the Board is satisfied that the expenditure (the claimed overseas expenditure):
 (a) on the overseas research and development activities to which the certificate relates; and
 (b) in respect of which the company has claimed a deduction under section 73B of the Income Tax Assessment Act 1936;
exceeds 10% of the total expenditure (the total project expenditure) incurred by the company on the project of research and development activities, the Board may, in writing, determine that the provisional certificate is amended, as specified in the determination, so that it does not cover so much of the overseas research and development activities as resulted in the claimed overseas expenditure exceeding 10% of the total project expenditure.

 (3) If the Board makes a determination under subsection (2), the provisional certificate has effect, and is taken always to have had effect, as if it had originally been given as amended in accordance with the determination.

 (4) The Board may, in writing, revoke the certificate if the Board is satisfied that the total expenditure incurred by the company on the project of research and development activities consisted solely of expenditure on overseas research and development activities.

 (5) If the Board revokes the provisional certificate under subsection (4), the provisional certificate is taken never to have been given.

 (6) If the Board decides to make a determination under subsection (2) amending the provisional certificate, or to revoke the provisional certificate under subsection (4), the Board must give notice in writing to the company setting out the decision and the reasons for the decision.