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2002
THE PARLIAMENT OF THE COMMONWEALTH OF
AUSTRALIA
HOUSE OF REPRESENTATIVES
INDUSTRY,
TOURISM AND RESOURCES LEGISLATION AMENDMENT BILL
2002
SUPPLEMENTARY EXPLANATORY
MEMORANDUM
Amendments to be moved on behalf of the
Government
(Circulated by authority of the Minister for
Industry, Tourism and Resources, the Honourable Ian Macfarlane MP)
AMENDMENT TO THE INDUSTRY, TOURISM AND RESOURCES LEGISLATION AMENDMENT
BILL 2002
OUTLINE OF AMENDMENTS
The proposed amendments to the Industry, Tourism and Resources Legislation
Amendment Bill 2002 makes a series of minor amendments to the Bounty (Ships)
Act 1989.
Bounty (Ships) Act 1989
The amendments to the Bill makes a minor change to the Shipbuilding
Innovation Scheme (SIS) component of the Bounty (Ships) Act 1989 that
will bring consistency between payments for both production and R&D
bounties. The amendments to the Act will enable progress payments against
R&D expenditure. The proposed amendments to the Bill also validate progress
payments made prior to the introduction of these provisions. Currently, the Act
allows for progress payments on production bounties, but does not allow progress
payments for R&D bounties.
FINANCIAL IMPACT STATEMENT
The amendment will not have any financial
impact on Commonwealth revenue or expenditure.
1 Amendment 1 amends clause 2 of the Industry, Tourism and Resources Legislation Amendment Bill 2002, to insert a new table item (4A). The amendment provides for the proposed amendments to the Shipbuilding Innovation Scheme to commence the day after the Act receives the Royal Assent.
2 Amendment 2 amends Schedule 1 of the Industry, Tourism and Resources
Legislation Amendment Bill 2002. It adds the Bounty (Ships) Act 1989 to
the list of Acts to be amended as set out in the
Schedule.
Bounty (Ships) Act 1989.
Item 12A Subsection 12(1)
Item 12B Subsection
12(2)
Item 12C Subsection 12(2)
Item 12D Subsection
12(3)
Item 12E Subsection 12(3)
3 These amendments to
subsection 12 (1), subsection (2) and subsection (3) of the Bounty (Ships)
Act 1989, provide for progress payments of the R&D expenditure bounty.
The amendments also provide for repayment to the Commonwealth in the event of
overpayment. This will bring consistency in the treatment of payments between
production and R&D bounties.
Item 12F Treatment of past payments purporting to be advances on
account of eligible research and development expenditure bounty.
4 This item puts shipbuilders in the same position they would have been if
past R&D expenditure progress payments had been made validly.