Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)

Schedule 5   Enhancing the integrity of the R&D Tax Incentive

Part 2   R&D clawback and catch up amounts

Income Tax Assessment Act 1997

37   Subsection 360-40(2)

Repeal the subsection, substitute:

(2) For the purposes of paragraph (1)(c), disregard any of the following:

(a) an Accelerating Commercialisation Grant under the program administered by the Commonwealth known as the Entrepreneurs' Programme;

(b) an amount required to be included in the company's assessable income under subsection 355-450(1).