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-J - Application to R & D partnerships  

SECTION 355-515   355-515   R & D activities conducted by or for an R & D partnership  


If one or more *R & D activities are conducted by or for an *R & D partnership during an income year, this Division applies in relation to each *R & D entity that is a partner of the R & D partnership at some time during the income year as if:


(a) the R & D activities were conducted by or for the partner in a corresponding way to the way the R & D activities were conducted by or for the R & D partnership; and


(b) the partner had relationships with other entities in relation to the R & D activities that corresponded to the relationships the R & D partnership had with those other entities in relation to the R & D activities; and


(c) a thing done by, or in relation to, the R & D partnership in relation to the R & D activities were a thing done by, or in relation to, the partner; and


(d) the R & D activities were neither:


(i) conducted by or for the R & D partnership; nor

(ii) conducted by or for any other partner of the R & D partnership; and


(e) such other changes were made to this Division as are appropriate having regard to that partner's proportion of amounts attributable to the R & D partnership.

Note 1:

For the purposes of this Division, entities that are associates or affiliates of, or connected with, the R & D partnership are taken to be associates or affiliates of, or connected with, the partner (see paragraph (b)).

Note 2:

For the purposes of this Division, payments and agreements made by the R & D partnership for the R & D activities are taken to be made by the partner (see paragraph (c)).


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