Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 355 - Research and Development  

Subdivision 355-G - Clawback of R & D recoupments, feedstock adjustments and balancing adjustments  

Operative provisions

SECTION 355-450   Amount to be included in assessable income  

355-450(1)  
The *R & D entity must include, in the entity ' s assessable income for the present year, the sum of the following amounts for each offset year relating to the clawback amount:


Starting offset - Adjusted offset - Deduction amount
R & D entity ' s *corporate tax rate for the present year

where:

adjusted offset
means the *tax offset the R & D entity would have received under section 355-100 for the offset year if the total amount mentioned in subsection 355-100(1) for that tax offset were reduced by the portion of the clawback amount that is attributable to the offset year.

deduction amount
means the portion of the clawback amount that is attributable to the offset year, multiplied by the R & D entity ' s *corporate tax rate for the offset year.

starting offset
means the amount of the *tax offset the R & D entity has received, or is entitled to receive, under section 355-100 for the offset year.

355-450(2)  
However, if this section, or section 355-475 , has previously applied (whether in the present year or an earlier income year) in relation to another clawback amount, or catch up amount, the *R & D entity has that relates to the offset year, subsection (1) of this section applies as if:

(a)  the starting offset were the *tax offset the R & D entity would have received under section 355-100 for the offset year if the total amount mentioned in subsection 355-100(1) were:


(i) decreased by the sum of the portions of any such other clawback amounts that are attributable to the offset year; and

(ii) increased by the sum of the portions of any such other catch up amounts that are attributable to the offset year; and

(b)  the reference to the " total amount " in the definition of adjusted offset were a reference to that amount as so adjusted.


 

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