Commonwealth of Australia Explanatory Memoranda

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TAX LAWS AMENDMENT (RESEARCH AND DEVELOPMENT) BILL 2010

2008-2009-2010




               THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA





                          HOUSE OF REPRESENTATIVES





           TAx Laws AMENDMENT (Research and DEVELOPMENT) BILL 2010


       Income taX Rates AMENDMENT (RESEARCH AND DEVELOPMENT) BILL 2010





                              CORRECTION TO THE


                           EXPLANATORY MEMORANDUM




         Chapter 2
         Paragraph 2.12- omit '355-25(a)', substitute '355-25(1)(a)'.
         Paragraph 2.16 - omit '355-25(b)', substitute '355-25(1)(b)'.
         Paragraph 2.23 - omit '355-35(2)(a)', substitute '355-30(2)(a)'.
         Paragraph 2.32 - omit '355 35(2)(a)', substitute '355-30(2)(a)'.
         Chapter 3
         Paragraph 3.3 - omit 'Part 3 of Schedule 3 contains', substitute
         'Schedule 3 contains'.
         Paragraph 3.18 - omit '355-40', substitute '355-35'.
         Paragraph 3.19 - omit '355-40', substitute '355-35'.

                                                        (continued overleaf)





                     (Circulated by the authority of the
                      Treasurer, the Hon Wayne Swan MP)

         Chapter 3 continued
         Paragraph 3.24 - omit 'section 355-40', substitute 'subsection 355-
         35(3)'.
         Paragraph 3.46 - omit '355-115', substitute '355-110'.
         Paragraph 3.49 - omit '355-220(a) and (b)', substitute '355-
         220(1)(a) and (1)(b)'.
         Paragraph 3.50 - omit '355-210(d) and (e)', substitute '355-
         210(1)(d) and (e)'.
         Paragraph 3.60 - omit '355-220(d)', substitute '355-220(1)(d)'.
         Paragraph 3.61 - omit '355-220(e)', substitute '355-220(1)(e)'.
         Paragraph 3.61 - omit '355-20(2)', substitute '355-220(2)'.
         Paragraph 3.82 - omit '355-305(d)', substitute '355-305(1)(d)'.
         Paragraph 3.131 - omit 'Schedule 1', substitute 'Schedule 3'.
         Example 3.14 - omit 'Lisowski Crushing has a turnover of $100,000',
         substitute 'Lisowski Crushing has a turnover of $100 million'.
         Paragraph 3.157 - omit 'item 44', substitute 'item 47'.
         Paragraph 3.205 - omit '355-699', substitute '355-700'.
         Chapter 4
         Paragraph 4.12 - omit 'items 4 to 5', substitute 'items 4 and 5'.
         Paragraph 4.41 - omit 'items 56 to 68', substitute 'items 55 to
         70'.
         Chapter 5
         Paragraph 5.61 - in the third bullet point, omit 'In relation to
         each activity the subject of the request,...', substitute 'In
         relation to each activity that is the subject of the request,...'.
         Paragraph 5.84 - omit 'and section 30A'.
         Paragraph 5.92 - in the sentence 'All applications for these
         findings under must be in the approved form and accompanied by a
         fee (if any) specified in the regulations', omit 'under'.
         Paragraph 5.111 - omit 'Schedule 2, item 1, subsection 27A(2)',
         substitute 'Schedule 1, item 1, subsection 355-705(2)'.
         Paragraph 5.151 - omit 'subsection 30C(3)', substitute
         'subsections 30C(2) and 30C(3)'.
         Paragraph 5.157 - insert '[Schedule 2, item 1, section 30E]'.
         Paragraph 5.158 - omit '[Schedule 2, item 1, section 30E]'.