Commonwealth Consolidated Acts

INDUSTRY RESEARCH AND DEVELOPMENT ACT 1986 - SECT 39EE

             (1)  A provisional certificate given to an eligible company under section 39ED must:

                     (a)  describe the overseas research and development activities to which the certificate relates; and

                     (b)  contain a description of the project of research and development activities to which those overseas research and development activities relate; and

                     (c)  state the amount of proposed expenditure on overseas research and development activities in respect of which the company proposes to claim a deduction under section 73B, 73BA, 73BH or 73QA, or a tax offset under section 73I, of the Income Tax Assessment Act 1936 ; and

                     (d)  contain any other matters that the Board considers relevant.

             (2)  After a provisional certificate is given to a company under section 39ED, the company may apply in writing to the Board for the certificate to be amended so as to vary either or both of the following:

                     (a)  the description of the overseas research and development activities;

                     (b)  the amount of the proposed expenditure on overseas research and development activities in respect of which the company proposes to claim a deduction under section 73B, 73BA, 73BH or 73QA, or a tax offset under section 73I, of the Income Tax Assessment Act 1936.

             (3)  If:

                     (a)  such an application is made; and

                     (b)  the provisional certificate is produced to the Board; and

                     (c)  the Board is satisfied that it is appropriate to amend the certificate having regard to the criteria set out in the guidelines formulated under subsection 39EB(1);

the Board may amend the certificate accordingly and return the amended certificate to the company.