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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-J - Application to R&D partnerships    View history reference

SECTION 355-520  When notional deductions arise for decline in value of depreciating assets of R&D partnerships  

 View history reference

When notional deductions arise

355-520(1)  

If:


(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

Note:

Section 355-210 applies with changes for this paragraph (see section 355-515).


(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

Note:

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
ItemFor a reference in section 355-310 to...substitute a reference to...
1paragraph 355-305(1)(c)paragraph 355-520(1)(d)
2section 355-315section 355-525
3paragraph 355-305(1)(b)paragraph 355-520(1)(c)
4*R&D entity*R&D partnership

Disregard certain assets held because of CRC contributions

355-520(3)  

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


 



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