EXPLANATORY STATEMENT
Issued by the authority of the Minister for Industry,
Tourism and Resources
Tax Laws Amendment (2007 Measures No. 5) Act 2007
Proclamation
Subsection 2(1) of the Tax Laws Amendment (2007 Measures No. 5) Act 2007 (the Act) provides that Schedule 12 to the Act commences on a day to be fixed by Proclamation. However, if any of the provisions of Schedule 12 did not commence within 6 months of the date the Act received Royal Assent, then those provisions would have commenced on the first day after the end of that 6 month period.
The purpose of the Proclamation was to fix 27 September 2007 as the day on which Schedule 12 to the Act commenced.
Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007, (the Act) amended the Industry Research and Development Act 1986 (IR&D Act) by establishing a new statutory body, Innovation Australia (the Board), to consolidate the administration and oversight of the Government's innovation and venture capital programs as previously prescribed in the IR&D Act, the Pooled Development Funds Act 1992 and the Venture Capital Act 2002. The administrative responsibility for innovation and venture capital programs had previously been spread between two bodies, the Industry Research and Development (IR&D) Board and the Venture Capital Registration (VCR) Board (formerly the Pooled Development Funds Registration Board).
The Board will operate with the same administrative and operating structures which applied to the IR&D Board and will carry responsibility for past decisions of the IR&D and VCR Boards. The constitution of the Board will also mirror arrangements which applied to the IR&D Board, particularly in relation to the number of members and appointment processes.
The Proclamation is a legislative instrument for the purposes of the Legislative Instruments Act 2003.
Consultation was not undertaken in relation to this instrument because it is minor or machinery in nature.