Income Tax Assessment Act 1997
This section applies to an *R & D entity if:
(a) the R & D entity is entitled under section 355-100 to a *tax offset because it can:
(ii) deduct under section 355-305 or 355-520 an amount for an asset (the R & D asset ) used for the purpose of conducting one or more R & D activities; and
(b) the R & D entity receives or becomes entitled to receive one or more of the following amounts (the results amounts ) in an income year (the results year ):
(i) an amount for the results of any of the R & D activities;
(ii) an amount from granting access to, or the right to use, any of those results;
(iii) an amount attributable to the R & D entity having incurred the expenditure, including an amount it is entitled to receive regardless of the results of the R & D activities;
(iv) an amount attributable to the R & D asset being used for the purpose mentioned in subparagraph (a)(ii), including an amount the R & D entity is entitled to receive regardless of the results of the R & D activities;
(v) an amount from *disposing of a *CGT asset, or from granting a right to occupy or use a CGT asset, where the disposal or grant resulted in another person acquiring a right to access or use any of those results.
This section also applies with changes to the partners of an R & D partnership (see section 355-535 ).355-410(2)
For each results amount, the following amount is included in the *R & D entity ' s assessable income for the results year:
(a) if the results amount is only a results amount because of subparagraph (1)(b)(v), and the asset referred to in that subparagraph is a *depreciating asset - an amount equal to the extent (if any) that the results amount exceeds the asset ' s *cost just before the disposal or grant;
(b) if the results amount is only a results amount because of subparagraph (1)(b)(v), and the asset referred to in that subparagraph is not a depreciating asset - an amount equal to the extent (if any) that the results amount exceeds the asset ' s *cost base just before the disposal or grant;
(c) otherwise - the results amount. 355-410(3)
For the purposes of paragraph (2)(a), assume that subsection 40-45(2) did not, except in the case of buildings and extensions, alterations and improvements to buildings, prevent Division 40 from applying to certain capital works.
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