Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 355.467

  (1)   The * R&D entity (the partner ) has an amount under this section if:

  (a)   the partner is a partner in an * R&D partnership; and

  (b)   a * balancing adjustment event happens in the present year for an asset * held by the * R&D partnership; and

  (c)   the R&D partnership cannot deduct, for the asset for an income year, an amount under section   40 - 25, as that section applies apart from:

  (i)   this Division; and

  (ii)   former section   73BC of the Income Tax Assessment Act 1936 ; and

  (d)   the partner is entitled under section   355 - 100 to * tax offsets for one or more income years for deductions under section   355 - 520 for the asset; and

  (e)   the partner is registered under section   27A of the Industry Research and Development Act 1986 for one or more * R&D activities for the present year; and

  (f)   the partner can deduct an amount under subsection   355 - 525(2) for the present year for the asset and the balancing adjustment event.

  (2)   The amount is an amount equal to the amount mentioned in paragraph   (1)(f).