The Industry Research and Development Act 1986 supports the administration of the Research and Development (R&D) Tax Incentive.
The Australian Government has made new versions of 2 legislative instruments under the Act:
- Industry Research and Development Regulations
- Industry Research and Development Decision-making Principles
The previous versions of these instruments were due to automatically expire this year.
Aside from the key changes set out below, and a few minor changes to improve clarity and consistency, the instruments remain broadly the same.
Key changes to regulations
The definition of 'research field' now means a field of research (FoR) classification mentioned in the Australian and New Zealand Standard Research Classification (ANZSRC) 2020, rather than ANZSRC 2008.
This change will be reflected in relevant forms.
Key changes to decision-making principles
Extensions of time are now typically limited to 92 days, rather than 3 months.
This means the period of extension is the same for everyone, regardless of the month in which the application for an extension of time is made.
