(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).