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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION

PART 2-20 - TAX OFFSETS

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History Pt 2-20 inserted by No 56 of 1997.

Division 67 - Refundable tax offset rules

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History Div 67 substituted by No 79 of 2000, inserted by No 128 of 1998.

Operative provisions

SECTION 67-30  Refundable tax offsets - R&D

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67-30(1)

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A *tax offset to which an *R&D entity is entitled under section 355-100 (about R&D) for an income year is subject to the refundable tax offset rules if all or part of the amount of the tax offset is worked out using the percentage in item 1 of the table in subsection 355-100(1).

Note 1:

Otherwise, the tax offset will be a non-refundable tax offset (see item 35 of the table in subsection 63-10(1)).

Note 2:

This subsection can apply to an entitlement under any subsection of section 355-100.

[CCH Note: S 67-30(1) will be amended by No 13 of 2015, s 3 and Sch 1 item 10, by omitting "all or part of", applicable in relation to an R&D entity's assessments for income years commencing on or after 1 July 2024.]

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History S 67-30(1) amended by No 13 of 2015, s 3 and Sch 1 items 1 and 2, by inserting "all or part of" and substituting note 2, applicable in relation to an R&D entity's assessments for income years commencing on or after 1 July 2014. Note 2 formerly read: Note 2: This subsection can apply to an entitlement under subsection 355-100(1) or (2).

67-30(2)

Without limiting its effect apart from this subsection, subsection (1) also has the effect it would have if:

(a) subsection (3) had not been enacted; and

(b) the reference in subsection (1) to an *R&D entity were, by express provision, confined to an R&D entity that:

(i) is a *constitutional corporation; or

(ii) has its registered office (within the meaning of the Corporations Act 2001) or principal place of business (within the meaning of that Act) located in a Territory.

67-30(3)

Without limiting its effect apart from this subsection, subsection (1) also has the effect it would have if:

(a) subsection (2) had not been enacted; and

(b) this Act applied so that *tax offsets under section 355-100 could only be worked out in respect of *R&D activities conducted or to be conducted:

(i) solely in a Territory; or

(ii) solely outside of Australia; or

(iii) solely in a Territory and outside of Australia; or

(iv) for the dominant purpose of supporting *core R&D activities conducted, or to be conducted, solely in a Territory.

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History S 67-30 inserted by No 93 of 2011, s 3 and Sch 3 item 4, effective 8 September 2011. For application, savings and transitional provisions see note under Div 355 heading. Former s 67-30 repealed by No 58 of 2006, s 3 and Sch 7 item 68, applicable to assessments for the 2006-07 income year and later income years. S 67-30 formerly read: SECTION 67-30 When you can get a refund of a tax offset   67-30 You can get a refund of *tax offsets that are subject to the refundable tax offset rules if the total of those offsets exceeds the amount of income tax that you would have to pay if you had not got those tax offsets and any tax offset under section 205-70 (but had got all your other tax offsets). Former s 67-30 amended by No 23 of 2005, substituted by No 79 of 2000 and inserted by No 128 of 1998.