Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS  

Division 67 - Refundable tax offset rules  

Operative provisions  

SECTION 67-30   Refundable tax offsets - R & D  

67-30(1)  


A *tax offset to which an *R & D entity is entitled under section 355-100 (about R & D) for an income year is subject to the refundable tax offset rules if the amount of the tax offset is worked out in accordance with item 1 of the table in subsection 355-100(1) (disregarding subsection 355-100(3) ).
Note:

Otherwise, the tax offset will be a non-refundable tax offset (see item 35 of the table in subsection 63-10(1) ).

67-30(2)  
Without limiting its effect apart from this subsection, subsection (1) also has the effect it would have if:


(a) subsection (3) had not been enacted; and


(b) the reference in subsection (1) to an *R & D entity were, by express provision, confined to an R & D entity that:


(i) is a *constitutional corporation; or

(ii) has its registered office (within the meaning of the Corporations Act 2001 ) or principal place of business (within the meaning of that Act) located in a Territory.

67-30(3)  
Without limiting its effect apart from this subsection, subsection (1) also has the effect it would have if:


(a) subsection (2) had not been enacted; and


(b) this Act applied so that *tax offsets under section 355-100 could only be worked out in respect of *R & D activities conducted or to be conducted:


(i) solely in a Territory; or

(ii) solely outside of Australia; or

(iii) solely in a Territory and outside of Australia; or

(iv) for the dominant purpose of supporting *core R & D activities conducted, or to be conducted, solely in a Territory.


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