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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 355 - Research and Development    View history reference

Subdivision 355-E - Notional deductions for decline in value of depreciating assets used for R&D activities    View history reference

SECTION 355-305  When notional deductions for decline in value arise  

 View history reference

355-305(1)  

If:


(a) an *R&D entity is registered under section 27A of the Industry Research and Development Act 1986 for an income year (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


(b) while a tangible *depreciating asset is *held by the R&D entity during the present year, the asset is used for the purpose of conducting one or more of those R&D activities; and


(c) the R&D entity 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


(d) the R&D entity 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 R&D entity can deduct the amount referred to in paragraph (c) for the present year.

355-305(2)  

This section has effect subject to subsection 355-580(4) (CRC contributions).


 



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