Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)

Schedule 4   Enhancing the R&D Tax Incentive

Income Tax Assessment Act 1997

9   Subsection 355-100(3)

Repeal the subsection (including the note), substitute:

If notional deductions exceed $150 million

(3) Despite subsections (1) and (1A), if the total amount mentioned in subsection (1) exceeds $150 million, the *R&D entity is instead entitled to a *tax offset for the income year equal to the sum of:

(a) the amount worked out in accordance with those subsections as if that amount were $150 million; and

(b) the product of the excess and the R&D entity's *corporate tax rate for the income year.


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).