Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 355 - Research and Development  

Subdivision 355-W - Other matters  

SECTION 355-710   Amendment of assessments  

Dealing with findings of Innovation and Science Australia

355-710(1)  
If:


(a) a certificate given to the Commissioner under the Industry Research and Development Act 1986 sets out:


(i) a finding under section 27B of that Act about an *R & D entity ' s application for registration under section 27A of that Act for an income year; or

(ii) a finding under section 27J of that Act about an R & D entity ' s registration under section 27A of that Act for an income year; or

(iii) a finding under section 28A or 28C of that Act made on application by an R & D entity during an income year; or

(iv) a finding under section 28E of that Act about an R & D entity and one or more R & D activities conducted or to be conducted during one or more income years; and


(b) the finding was made within 4 years after the end of the income year or the last of the income years (as appropriate);

despite section 170 of the Income Tax Assessment Act 1936 , the Commissioner may amend the R & D entity ' s assessment for an income year affected by the finding at any time for the purposes of giving effect to the finding.

355-710(2)  


However, the Commissioner may only do so within 2 years after the Commissioner is given the certificate if giving effect to the finding would increase the R & D entity ' s liability. Dealing with key decisions of Innovation and Science Australia and others

355-710(3)  
If:


(a) an internal review decision (the key decision ) under subsection 30D(2) of the Industry Research and Development Act 1986 relates to an *R & D entity; or


(b) a decision (also the key decision ) under the Administrative Appeals Tribunal Act 1975 :


(i) varies a decision covered by paragraph (a); or

(ii) sets aside a decision covered by paragraph (a), whether or not that key decision also includes a decision made in substitution for the decision covered by paragraph (a); or


(c) a decision (also the key decision ) of a court is about:


(i) a decision under Part III of the Industry Research and Development Act 1986 relating to an R & D entity; or

(ii) a decision covered by paragraph (b);

despite section 170 of the Income Tax Assessment Act 1936 , the Commissioner may amend the R & D entity ' s assessment for an income year affected by the key decision at any time for the purposes of giving effect to that decision.


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