Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 355.110

    For the purposes of this Division, if:

  (a)   apart from Subdivision H (prepaid expenditure) of Division   3 of Part   III of the Income Tax Assessment Act 1936 , an * R&D entity can deduct an amount under section   355 - 205 or 355 - 480 for an income year (the present year ) or an earlier income year; and

  (b)   that Subdivision applies to the calculation of that amount; and

  (c)   the entity can deduct an amount, as a result of that application of that Subdivision, for the present year;

the entity is taken to be able to deduct under section   355 - 205 or 355 - 480 (as appropriate) the amount referred to in paragraph   (c) for the present year.

Note:   Section   355 - 205 is about deductions for R&D expenditure. Section   355 - 480 is about deductions for earlier year associate R&D expenditure.