Income Tax Assessment Act 1997
(a) an *R & D entity is a partner of an *R & D partnership at some time during an income year (the present year ); and
(b) the partner is registered under section 27A of the Industry Research and Development Act 1986 for the present year for one or more *R & D activities that are activities to which section 355-210 (conditions for R & D activities) applies; and
(c) while a tangible *depreciating asset is *held by the R & D partnership during the present year, the asset is used for the purpose of conducting one or more of those R & D activities; and
(d) the R & D partnership could deduct an amount under section 40-25 for the asset for the present year if Division 40 applied with the changes described in section 355-310 ; and
Section 355-310 applies with changes for this paragraph (see subsection (2) of this section).
(e) the R & D partnership cannot deduct an amount for the asset for:
(i) an earlier income year under Subdivision 328-D (capital allowances for small business entities); or
(ii) an earlier income year under Division 40 (as that Division applies apart from this Division), in a case where section 40-440 (low-value pools) applied;
the partner can deduct the partner ' s proportion of the amount referred to in paragraph (d) for the present year.Changed application of Division 40 for this Subdivision 355-520(2)
For the purposes of this Subdivision, section 355-310 applies as if the following changes were made:
|Changes to be made|
|Item||For a reference in section 355-310 to ...||substitute a reference to ...|
|1||paragraph 355-305(1)(c)||paragraph 355-520(1)(d)|
|2||section 355-315||section 355-525|
|3||paragraph 355-305(1)(b)||paragraph 355-520(1)(c)|
|4||*R & D entity||*R & D partnership|
This section has effect subject to subsection 355-580(4) (CRC contributions).
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