Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 355.710

Dealing 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 Appeals Tribunal Act 1975 :

  (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.