Industry Research and Development Act 1986

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

Division 2 - Registering for the R & D tax offset  

Subdivision D - Examining registrations  

SECTION 27F   EXAMINING A REGISTRATION  

27F(1)  
The Board may conduct one or more examinations of all or part of an R & D entity's registration under section 27A for an income year for the purposes of making one or more findings under subsection 27J(1) .

Note:

A finding under subsection 27J(1) will support the entity's registration, or cause the variation of that registration.

27F(2)  
The Board may examine an R & D entity's registration on its own initiative.

27F(3)  
The Board must examine an R & D entity's registration if:


(a) requested by the Commissioner; or


(b) the R & D entity has applied for one or more findings under subsection 27J(1) about the registration.

Note:

A finding under subsection 27J(1) can only bind the Commissioner for the purposes of the R & D entity's income tax assessment for the income year if the finding is made within 4 years after the end of the income year (see subsection 355-705(1) of the Income Tax Assessment Act 1997 ).

27F(4)  
If the R & D entity applies for a finding under subsection 27J(1) about the registration, the Board must:


(a) make one or more findings under subsection 27J(1) about the registration; or


(b) if justified in accordance with the decision-making principles - refuse to make a finding under subsection 27J(1) about the registration.

Note 1:

The Board may make a finding that differs from that sought by the R & D entity.

Note 2:

A finding, or a refusal to make a finding, is reviewable (see Division 5 ).

Note 3:

Section 32A deals with the decision-making principles.




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