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-C - Entitlement to tax offset  

SECTION 355-115   Working out an R & D entity ' s total expenses  

355-115(1)  
For the purposes of subsection 355-100(1A) , an *R & D entity ' s total expenses for an income year is the sum of the amounts covered by subsection (2).

355-115(2)  
The following amounts are covered by this subsection:

(a)  the *R & D entity ' s total expenses for the income year worked out in accordance with:


(i) the *accounting principles; or

(ii) if accounting principles do not apply in relation to the R & D entity - commercially accepted principles relating to accounting;

(b)  any amount the R & D entity can deduct for the income year as mentioned in subsection 355-100(1) , to the extent the amount is not covered by paragraph (a) for the income year. Amounts counted once only

355-115(3)  
For the purposes of subsection (2):

(a)  disregard an amount to which paragraph (2)(a) otherwise applies if paragraph (2)(b) has previously applied in relation to the amount; and

(b)  disregard an amount to which paragraph (2)(b) otherwise applies if paragraph (2)(a) has previously applied in relation to the amount.


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