Tax Laws Amendment (Research and Development) Act 2011 (93 of 2011)

Schedule 3   Other amendments relating to new R&D incentive

Part 6   Other amendments

Income Tax Assessment Act 1997

74   Paragraph 104-235(1A)(a)

Repeal the paragraph, substitute:

(a) you are an *R&D entity and you could deduct an amount under section 40-25 for the *depreciating asset if the following assumptions were made:

(i) despite paragraph 40-30(1)(c) and subsection 40-30(2), all intangible assets were excluded from the definition of depreciating asset in section 40-30;

(ii) subsection 40-45(2) did not, except in the case of buildings, prevent Division 40 from applying to capital works to which Division 43 applies, or to which Division 43 would apply but for expenditure being incurred, or capital works being started, before a particular day;

(iii) you satisfied any relevant requirement for deductibility under Division 40; or