51Accounting records for thoroughbred horses levy

51 Accounting records for thoroughbred horses levy

(1) For the purposes of paragraph 40(1)(a) of the PIRD Act, the Corporation must keep separate accounting records in relation to the funding of R&D activities relating to the thoroughbred horse industry. (2) For the purposes of paragraph 40(1)(b) of the PIRD Act, the following amounts must be credited in the accounting records kept under subregulation (1): (a) amounts of levy mentioned in subregulation 50(1) that are received by the Commonwealth under the Collection Act and paid to the Corporation under paragraph 30(1)(a) of the PIRD Act; (b) amounts paid to the Corporation by the Commonwealth under paragraph 30(1)(b) of the PIRD Act; (c) amounts received by the Corporation as contributions to the cost of R&D activities relating to the thoroughbred horse industry; (d) amounts received by the Corporation as follows: (i) from the sale of property paid for in connection with research and development relating to the thoroughbred horse industry; (ii) from the sale of property produced in connection with research and development relating to the thoroughbred horse industry; (iii) from dealing with patents in respect of inventions made in connection with, or intellectual property arising out of, research and development relating to the thoroughbred horse industry; (iv) in respect of work paid for in connection with research and development relating to the thoroughbred horse industry; (e) amounts paid to the Corporation as interest on investment of an amount mentioned in any of paragraphs (a) to (d). (3) For the purposes of paragraph 40(1)(b) of the PIRD Act, all amounts spent under section 33 of the PIRD Act in relation to the thoroughbred horse industry are to be debited in the accounting records kept under subregulation (1). (4) For the purposes of subsection 40(2) of the PIRD Act, the only R&D activities on which amounts credited under subregulation (2) can be spent are R&D activities relating to the thoroughbred horse industry.