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-H - Catch up deductions for balancing adjustment events for assets used for R & D activities  

Operative provisions

SECTION 355-467   R & D partnership assets only used for R & D activities  

355-467(1)  
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

(ii) former section 73BC of the Income Tax Assessment Act 1936 ; 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)  the partner can deduct an amount under subsection 355-525(2) for the present year for the asset and the balancing adjustment event.

355-467(2)  
The amount is an amount equal to the amount mentioned in paragraph (1)(f).


 

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