Taxation Laws Amendment Act (No. 4) 1995 (Repealed) (171 of 1995)

SCHEDULE 4   VARIOUS AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

PART 4   RESEARCH AND DEVELOPMENT

14.   Application

(1) Subject to subitem (2), the section inserted by item 13 applies to expenditure incurred at or after 7.30 p.m. by legal time in the Australian Capital Territory on 9 May 1995.

(2) The section inserted by item 13 does not apply, and the section repealed by that item continues to apply despite its repeal, to expenditure incurred before 7.30 p.m. by legal time in the Australian Capital Territory on 9 May 1995.

(3) The section inserted by item 13 does not apply, and the section repealed by that item applies despite its repeal, to expenditure incurred at or after 7.30 p.m. (the start time) by legal time in the Australian Capital Territory on 9 May 1995:

(a) that was or is incurred in accordance with the terms of a finance scheme, where:

(i) the scheme was approved by the Industry Research and Development Board before the start time; or

(ii) the scheme was considered by the Board before the start time, and its decision on the scheme was deferred until after that time; or

(iii) the Board decided before the start time not to approve the scheme and either:

(A) the time for applying to the Administrative Appeals Tribunal for a review of that decision had not expired before the start time; or

(B) an application for review of the decision by the Tribunal had been made before the start time, but the Tribunal had not made its decision on the application before that time; and

(b) that was or is incurred under a contract evidenced in writing that was entered into on or before 30 June 1996; and

(c) in respect of which the eligible company that incurred the expenditure had been jointly registered with one or more eligible companies by the Industry Research and Development Board on or before 30 June 1996.