Tax Laws Amendment (Research and Development) Act 2011 (93 of 2011)

Schedule 2   Innovation Australia's role

Part 1   Main amendment

Industry Research and Development Act 1986

1   After Part II


Part III - Functions relating to the R&D tax offset

Division 1 - Introduction

26 Objects

The objects of this Part are:

(a) to provide integrity for the working out of tax offsets under Division 355 (about R&D) of the Income Tax Assessment Act 1997; and

(b) to increase certainty through findings about matters relevant to the working out of those tax offsets; and

(c) to improve access for small and medium R&D entities to quality research services by maintaining a register of research service providers.

Note: The integrity mentioned in paragraph (a) is provided, for example, by:

(a) the Board registering entities seeking these tax offsets; and

(b) the Board conducting compliance checks on those entities.