Income Tax Rates Amendment (Research and Development) Act 2011

No. 92, 2011

An Act to amend the Income Tax Rates Act 1986, and for related purposes

Income Tax Rates Amendment (Research and Development) Act 2011

No. 92, 2011

An Act to amend the Income Tax Rates Act 1986, and for related purposes

[Assented to 8 September 2011]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Income Tax Rates Amendment (Research and Development) Act 2011.

2 Commencement

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table	The day this Act receives the Royal Assent.	8 September 2011
2. Schedule 1	At the same time as Schedule 1 to the Tax Laws Amendment (Research and Development) Act 2011 commences.	8 September 2011

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

(2) Any information in Column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendments

Income Tax Rates Act 1986

1 Subsection 12(7)

Omit “section 12A” (wherever occurring), substitute “sections 12A and 12B”.

2 After section 12A

Insert:

12B Rate of extra income tax for recoupments for R&D activities

The rate of extra income tax payable by a taxpayer under Subdivision 355‑G (about government R&D recoupments) of the Income Tax Assessment Act 1997 for a year of income is 10%.

3 At the end of Part III

Add:

31 Rate of extra income tax for recoupments for R&D activities

The rate of extra income tax payable under Subdivision 355‑G (about government R&D recoupments) of the Income Tax Assessment Act 1997 for a year of income is 10%.

4 Application

The amendments made by this Schedule apply to assessments for years of income commencing on or after 1 July 2011.