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-H - Catch up deductions for balancing adjustment events for assets used for R & D activities  

Operative provisions

SECTION 355-465   Assets only used for R & D activities  

355-465(1)    
The *R & D entity has an amount under this section if:

(a)    a *balancing adjustment event happens in the present year for an asset *held by the R & D entity; and

(b)    the R & D entity cannot deduct, for the asset for an income year, an amount under section 40-25 as that section applies apart from:


(i) this Division; and

(ii) former section 73BC of the Income Tax Assessment Act 1936 ; and

(c)    the R & D entity is entitled under section 355-100 to *tax offsets for one or more income years for deductions under section 355-305 for the asset; and

(d)    the R & D entity is registered under section 27A of the Industry Research and Development Act 1986 for one or more *R & D activities for the present year; and

(e)    the R & D entity can deduct, for the present year, an amount under subsection 355-315(2) for the asset and the balancing adjustment event.

Note 1:

This section applies in a modified way if the entity also has deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 355-320 of the Income Tax (Transitional Provisions) Act 1997) .

Note 2:

Section 40-292 applies if the entity can deduct an amount under section 40-25 , as that section applies apart from this Division and former section 73BC of the Income Tax Assessment Act 1936 .


355-465(2)    
The amount is an amount equal to the amount mentioned in paragraph (1)(e).


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