Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 355.530

Implications for partner's aggregated turnover

                   For the purposes of sections 40-292 (balancing adjustments for decline in value) and 355-100 (tax offsets for R&D), if:

                     (a)  an * R&D entity is a partner of an * R&D partnership at some time during an income year; and

                     (b)  the partner's * aggregated turnover for the income year does not include the R&D partnership's * annual turnover for the income year;

the partner's aggregated turnover for the income year includes the * partner's proportion of the R&D partnership's annual turnover for the income year.



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