Announcement Date
21 March 2022
Link to announcement
Industry Research and Development Regulations 2022 (legislation.gov.au)
Problem being addressed
The Industry Research and Development Regulations (2011) provide certainty for business on how decisions will be made under primary legislation for the Research and Development Tax Incentive, for example:
- What information companies should expect to see in a certificate issued by the Industry Innovation and Science Australia Board (or its delegate) in response to an application for registration or advance/overseas findings.
What standards are expected to be maintained by research service providers that can help them access the program, including where they spend less than the minimum R&D expenditure threshold of $20,000.
Allowing the instrument to sunset on 1 April 2022 would reduce certainty for business.
The Regulations have been remade as the Industry Research and Development Regulations 2022.
Proposal
The Department of Industry, Science, Energy and Resources has certified that the Industry Research and Development Regulations (2011) are working efficiently and effectively. As such, they were remade without significant amendment on 17 March 2022.
This proposal was guided by a public consultation process which occurred over August-September 2021.
Assessed RIS outcome
Sunsetting instrument