Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992 - SECT 1OO

100. After section 39E of the Principal Act the following section is inserted:
Finance scheme guidelines

"39EA.(1) The Board must, as soon as practicable (and, in any event, within 90
days) afler the commencement of this section, formulate written guidelines to
enable eligible companies to ascertain whether finance schemes in relation to
research and development activities carried on, or proposed to be carried on,
by eligible companies will be taken to be ineligible finance schemes for the
purposes of this Part.

"(2) The Board must cause the finance scheme guidelines to be:

   (a)  published in the Gazette; and

   (b)  made available on request, without charge, to any eligible company.

"(3) In making finance scheme guidelines about a particular kind of scheme,
the matters to which the Board is to have regard include, but are not limited
to:

   (a)  the manner in which the scheme was entered into or carried out; and

   (b)  the form and substance of the scheme; and

   (c)  matters relating to the research and development activities to which
        the scheme relates; and

   (d)  the likelihood that section 73CB of the Income Tax Assessment Act 1936
        will apply to expenditure incurred in connection with the research and
        development activities to which the scheme relates.

"(4) The finance scheme guidelines may confer functions and powers on the
Board.

"(5) The first finance scheme guidelines may be expressed to apply to schemes
entered into or carried out before the commencement of this section.

"(6) An instrument formulating finance scheme guidelines is a disallowable
instrument for the purposes of section 46A of the Acts Interpretation Act 
1901 .".