Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If an R&D entity has acquired, or has acquired the right to use, particular technology wholly or partly for the purposes of one or more R&D activities conducted, or to be conducted, during one or more income years, the Board may:
(a) find that the technology is core technology for the R&D activities; or
(b) find that the technology is not core technology for the R&D activities; or
(c) if justified in accordance with the decision - making principles--refuse to make a finding about the technology and the R&D activities.
Note 1: A finding, or a refusal to make a finding, is reviewable (see Division 5).
Note 2: A finding under paragraph (a) means that a tax offset will not be available for expenditure incurred in acquiring, or in acquiring the right to use, the technology for the R&D activities (see subsection 355 - 225(2) of the Income Tax Assessment Act 1997 ).
Note 3: Section 32A deals with the decision - making principles.
(2) Particular technology is core technology for one or more R&D activities if:
(a) a purpose of the R&D activities was or is:
(i) to obtain new knowledge based on that technology; or
(ii) to create new or improved materials, products, devices, processes, techniques or services to be based on that technology; or
(b) the R&D activities were or are an extension, continuation, development or completion of the activities that produced that technology.
(3) The Board must make a finding under paragraph (1)(a) or (b) if requested by the Commissioner to make a finding under this section.
(4) In addition to subsection (3), the Board:
(a) may make a finding under subsection (1) on its own initiative; and
(b) must make a decision under subsection (1) if the R&D entity applies for a finding under this section.
Note: For requirements of applications, see section 28G.
(5) This section has effect subject to section 32B (findings cannot be inconsistent with any earlier findings).