On 24 March 2014 the Minister for Industry, Ian Macfarlane announced that effective from 31 March 2014 the R&D Tax Incentive Advisory Committee of Innovation Australia would be revoked, pursuant to subsection 22(1) of the Industry Research and Development Act 1986 (IR&D Act).
The committee was part of the Industry portfolio and functioned in an advisory capacity. The committee’s primary responsibility was providing advice to the Innovation Australia Board regarding the operations of the R&D Tax concession program for income years commencing prior to 1 July 2011 and the R&D Tax Incentive for income years subsequent to this period.
The committee was introduced with the current R&D Tax Incentive to help the government gauge the effectiveness of the new program. The Advisory Committee consisted of experts from small business and industry who were responsible for ensuring the R&D Tax incentive was achieving its goals.
However, the committee is no longer a necessary facet of the R&D Tax Incentive as the administration is now well developed.