Tax Laws Amendment (Research and Development) Act 2011 (93 of 2011)

Schedule 2   Innovation Australia's role

Part 1   Main amendment

Industry Research and Development Act 1986

31A   What happens to findings if R&D entity joins a group

(1) If a finding (the actual finding ) under this Part:

(a) is in force for an R&D entity immediately before the time (the joining time ) it becomes a subsidiary member of a consolidated group or MEC group, of which the head company is an R&D entity; and

(b) is for an activity to be conducted wholly or partly after the joining time;

a corresponding finding (the deemed finding ) in the same terms is taken to come into force at the joining time for the head company and the activity.

(2) The deemed finding ceases to be in force if the R&D entity ceases to be a subsidiary member of the group.

(3) The result of any review (see Division 5) of an actual finding is taken to apply in a corresponding way to the deemed finding.

(4) Neither section 28F (notice of decision about findings) nor Division 5 (review) applies to the deemed finding.