Richard Colbeck (Tasmania, Liberal Party, Shadow Parliamentary Secretary for Fisheries and Forestry) Share this | Hansard source

I move opposition amendment (2) on sheet 7011:

(2)   Schedule 1, item 1, page 5 (lines 12 to 23), omit section 355-5, substitute:

355-5 Object

(1)   The object of this Division is to increase the number of businesses that conduct research and development activities and to increase the level of such activities that individual businesses conduct, where this is likely to benefit the Australian economy.

(2)   This object is to be achieved by providing a tax incentive forindustry to conduct, in a scientific way:

  (a)   research activities forthe purpose of generating new knowledge or information in either abasic or applied form; or

  (b)   experimental development activities to developnew or improved materials, products, devices, processes orservices;

that, if successful, may be able to be commercialised for the benefit of the Australian economy.