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On 25 September 2007, Tax Laws Amendment (2007 Measures No 5) Bill 2007 received Royal Assent as Act No 164 of 2007.

On 26 September 2007, the Governor-General, acting with the advice of the Federal Executive Council and under item 9 of the table in subsection 2 (1) of the Tax Laws Amendment (2007 Measures No 5) Act 2007, fixed 27 September 2007 as the day on which Schedule 12 to that Act commenced. Schedule 12 to the Tax Laws Amendment (2007 Measures No 5) Act 2007 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.

For a copy of the Proclamation, go here

For a copy of the Explanatory Material, click on ES/Supp Material

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