Commonwealth Consolidated Acts Commonwealth Consolidated ActsDealing with findings of Industry Innovation and Science Australia
(1) If:
(a) a certificate given to the Commissioner under the Industry Research and Development Act 1986 sets out:
(i) a finding under section 27B of that Act about an * R&D entity's application for registration under section 27A of that Act for an income year; or
(ii) a finding under section 27J of that Act about an R&D entity's registration under section 27A of that Act for an income year; or
(iii) a finding under section 28A or 28C of that Act made on application by an R&D entity during an income year; or
(iv) a finding under section 28E of that Act about an R&D entity and one or more R&D activities conducted or to be conducted during one or more income years; and
(b) the finding was made within 4 years after the end of the income year or the last of the income years (as appropriate);
despite section 170 of the Income Tax Assessment Act 1936 , the Commissioner may amend the R&D entity's assessment for an income year affected by the finding at any time for the purposes of giving effect to the finding.
(2) However, the Commissioner may only do so within 2 years after the Commissioner is given the certificate if giving effect to the finding would increase the R&D entity's liability.
Dealing with key decisions of Industry Innovation and Science Australia and others
(3) If:
(a) an internal review decision (the key decision ) under subsection 30D(2) of the Industry Research and Development Act 1986 relates to an * R&D entity; or
(b) a decision (also the key decision ) under the Administrative Review Tribunal Act 2024 :
(i) varies a decision covered by paragraph (a); or
(ii) sets aside a decision covered by paragraph (a), whether or not that key decision also includes a decision made in substitution for the decision covered by paragraph (a); or
(c) a decision (also the key decision ) of a court is about:
(i) a decision under Part III of the Industry Research and Development Act 1986 relating to an R&D entity; or
(ii) a decision covered by paragraph (b);
despite section 170 of the Income Tax Assessment Act 1936 , the Commissioner may amend the R&D entity's assessment for an income year affected by the key decision at any time for the purposes of giving effect to that decision.
(4) For the purposes of subsection (3), paragraph (3)(b) applies as if a reference to a decision under the Administrative Review Tribunal Act 2024 that varies or sets aside a decision covered by paragraph (3)(a) included a reference to a decision of that kind made under the Administrative Appeals Tribunal Act 1975 .