Industry Research and Development Act 1986

PART III - FUNCTIONS RELATING TO THE R & D TAX OFFSET  

Division 1 - Introduction  

SECTION 26A   26A   SIMPLIFIED OUTLINE  


The following is a simplified outline of this Part:

  • · The Board may, on application by an R & D entity, register the R & D entity for R & D activities. This registration is needed before the R & D entity can be entitled to a tax offset (an R & D tax offset ) under Division 355 of the Income Tax Assessment Act 1997 for the R & D activities.
  • · The R & D entity can seek an advance finding to get early notice about whether an activity is considered to be an R & D activity.
  • · The R & D entity can seek a finding that an activity cannot be conducted in Australia. The finding is needed before expenditure incurred on the activity can count towards an R & D tax offset.
  • · The Board may register entities as research service providers capable of providing research services to R & D entities.
  • · Internal and external review can be sought for certain decisions under this Part.
  • · The Board may make general determinations about how it will exercise its powers, and perform its functions and duties, under this Part. The Board must act in accordance with such a determination.



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