Income Tax Assessment Act 1997
The *R & D entity (the partner ) has an amount under this section if: (a) the partner is a partner in an *R & D partnership; and (b) a *balancing adjustment event happens in the present year for an asset *held by the R & D partnership; and (c) the R & D partnership cannot deduct, for the asset for an income year, an amount under section 40-25 , as that section applies apart from:
(i) this Division; and
(d) the partner is entitled under section 355-100 to *tax offsets for one or more income years for deductions under section 355-520 for the asset; and (e) the partner is registered under section 27A of the Industry Research and Development Act 1986 for one or more *R & D activities for the present year; and (f) an amount (the section 40-285 amount ) would, as mentioned in subsection 355-525(3) , be included in the R & D partnership ' s assessable income for the present year for the asset and the balancing adjustment event.
(ii) former section 73BC of the Income Tax Assessment Act 1936 ; and
This section applies in a modified way if the partner has deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 355-325 of the Income Tax (Transitional Provisions) Act 1997 ).
Section 40-293 applies if the R & D partnership can deduct an amount under section 40-25 , as that section applies apart from this Division and former section 73BC of the Income Tax Assessment Act 1936 .355-448(2)
The amount is the partner ' s proportion of the amount that is so much of an amount equal to the section 40-285 amount as does not exceed the difference between: (a) the asset ' s *cost; and (b) the asset ' s *adjustable value, worked out under Division 40 as if that Division applied with the changes described in section 355-310 .
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