Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 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.

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