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 a *depreciating asset *held by the R & D partnership and for which:
(i) the R & D partnership can deduct, for an income year, an amount under section 40-25 , as that section applies apart from Division 355 and former section 73BC of the Income Tax Assessment Act 1936 ; or
(c) one or more partners (including the partner) in the R & D partnership are entitled under section 355-100 to *tax offsets for one or more income years for deductions under section 355-520 for the asset; and (d) the R & D partnership can deduct an amount (the section 40-285 amount ) for the asset under section 40-285 (after applying subsection 40-293(2) ) for the present year.
(ii) the R & D partnership could have deducted, for an income year, an amount as described in subparagraph (i) if it had used the asset; and
This section applies in a modified way if the partners have deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 40-293 of the Income Tax (Transitional Provisions) Act 1997) .355-468(2)
The amount is the partner ' s proportion of the amount worked out as follows:
Total decline in value
|× Section 40-285 amount|
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