Document ID: chunk:federal_register_of_legislation:F2024L01315:reg:8
Version: federal_register_of_legislation:F2024L01315
Segment Type: reg
Provision Reference: reg 8
Character Range: 4836–7835

8  Rural Industries Research and Development Corporation

Keeping of separate accounting records
 (1) For the purposes of paragraph 40(a) of the Act, the Rural Industries Research and Development Corporation must keep separate accounting records in relation to the funding of research and development activities for each industry covered by column 1 of an item (the applicable item) in the table at the end of this section.

Amounts to be credited in the accounting records
 (2) For the purposes of paragraph 40(b) of the Act, the following amounts must be credited in those accounting records:
 (a) amounts paid to that Corporation under subsection 15(1) of the Primary Industries Levies and Charges Disbursement Act 2024, to the extent those amounts:
 (i) are equal to the research and development collected amounts (within the meaning of the Primary Industries Levies and Charges Disbursement Act 2024); and
 (ii) relate to a levy or charge covered by column 2 of the applicable item (and known as the levy or charge described in column 3 of the applicable item);
 (b) amounts received by that Corporation as contributions to the cost of research and development activities relating to the industry covered by column 1 of the applicable item;
 (c) amounts received by that Corporation:
 (i) from the sale of property paid for by money spent by that Corporation under section 33 of the Act, or section 22 of the Primary Industries Levies and Charges Disbursement Act 2024, on research and development activities relating to that industry; or
 (ii) from the sale of property produced in the course of carrying out research and development activities relating to that industry; or
 (iii) from dealings in patents or other intellectual property arising out of the carrying out of research and development activities relating to that industry; or
 (iv) for work paid for by money spent by that Corporation under section 33 of the Act, or section 22 of the Primary Industries Levies and Charges Disbursement Act 2024, on research and development activities relating to that industry;
 (d) amounts paid to that Corporation as interest on investment of an amount mentioned in any of paragraphs (a) to (c).

Amounts to be debited in the accounting records
 (3) For the purposes of paragraph 40(b) of the Act, the amounts to be debited in those accounting records are all amounts spent by that Corporation under section 33 of the Act, or section 22 of the Primary Industries Levies and Charges Disbursement Act 2024, in relation to the industry covered by column 1 of the applicable item.

Accounting records
Item                Column 1                                                                     Column 2                                                                          Column 3
                    Industry                                                                     Levy or charge                                                                    Common name of levy or charge