S 73K repealed by No 93 of 2011, s 3 and Sch 3 item 44, effective 8 September 2011. For application, savings and transitional provisions see note under s
82KZLB
. S 73K formerly read:
SECTION 73K MEANING OF
R
&
D GROUP TURNOVER
73K(1)
The
R
&
D group turnover
of an eligible company for a year of income is the sum of:
(a)
the value of the supplies the company made in the year of income; and
(b)
the value of the supplies made in the year of income by other persons while they were grouped with the company;
reduced by:
(c)
the value of the supplies the company made in the year of income to persons grouped with it while they were grouped with it; and
(d)
the value of the supplies persons grouped with the company made in the year of income to the company while the company was grouped with them; and
(e)
the value of the supplies another person made in the year of income to a third person while the other person and the third person were grouped with the company.
73K(2)
To the extent that the taxable supplies a person makes in a year of income includes gambling supplies, use an amount equal to 11 times the person's global GST amount for those supplies rather than the value of the supplies in working out the person's R
&
D group turnover.
73K(3)
In working out the value of the supplies made by a person, disregard:
(a)
any supply made to the extent that the consideration for the supply is a payment or a supply by an insurer in settlement of a claim under an insurance policy; and
(b)
to the extent that a supply is constituted by a loan
-
any repayment of principal, and any obligation to repay principal.
S 73K inserted by No 170 of 2001.
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