Income Tax Assessment Act 1997



Division 355 - Research and Development  

Subdivision 355-J - Application to R & D partnerships  

SECTION 355-505   Meaning of R & D partnership and partner's proportion  

A partnership is an R & D partnership at a particular time if, at that time, each of the partners is an *R & D entity.

For an amount attributable to an *R & D partnership for an income year, each partner of the R & D partnership is taken to bear or be entitled to (as appropriate) this proportion (the partner's proportion ) of the amount:

(a) the proportion the partners agreed the partner should bear or be entitled to (as appropriate); or

(b) if there is no such agreement - the proportion of the partner's interest in the *net income or *partnership loss of the R & D partnership for the income year.


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