Innovation Australia
27 September 2007 – 2016
Previously Industry Research and Development Board (1986–2007). Renamed Innovation and Science Australia in 2016.
Independent statutory board that oversaw the Commonwealth's business innovation programs, including the research and development tax concession and its successor the R&D Tax Incentive, venture capital programs and innovation grants, supported by AusIndustry.
Names over time
- Industry Research and Development Board1986–2007
- Innovation Australia2007–2016
- Innovation and Science Australia2016–2021
- Industry Innovation and Science Australia2021–present
How it came into existence
Created on 27 September 2007 when amendments to the Industry Research and Development Act 1986 (Schedule 12 of the Tax Laws Amendment (2007 Measures No. 5) legislation) renamed the Industry Research and Development Board as Innovation Australia and combined it with the Venture Capital Registration Board, formerly the Pooled Development Funds Registration Board, whose roles and powers it took over.
- Registration of pooled development funds
- Registration of venture capital limited partnerships
Legislation: Industry Research and Development Act 1986
Changes during its life
- 1 July 2011The R&D Tax Incentive replaced the research and development tax concession, with Innovation Australia responsible for registering eligible activities.
How it ended
Renamed Innovation and Science Australia in 2016 by the Industry Research and Development Amendment (Innovation and Science Australia) Act 2016, under the National Innovation and Science Agenda.
Main functions
- Registration of activities under the R&D Tax Incentive
- Registration of venture capital limited partnerships and pooled development funds
- Oversight of venture capital programs
- Administration of innovation and commercialisation grants
- Advice on business innovation programs
Where it sits
Last in the portfolio of Department of Industry, Innovation and Science.
Lineage
Loading lineage…
Sources
Primary sources
- Australian Government Organisations Register (Department of Finance, data.gov.au) (listed from 11 December 2014 to 12 September 2016)
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.