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 all or part of the amount of the tax offset is worked out using the percentage in item 1 of the table in subsection 355-100(1) .
Note 1:

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

Note 2:

This subsection can apply to an entitlement under any subsection of section 355-100 .

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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