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INCOME TAX ASSESSMENT ACT 1997 - SECT 355.705

Effect of findings by Innovation and Science Australia

Findings about registration or core technology

             (1)  If:

                     (a)  a certificate given to the Commissioner under the Industry Research and Development Act 1986 sets out:

                              (i)  a finding under section 27B of that Act about an * R&D entity's application for registration under section 27A of that Act for an income year; or

                             (ii)  a finding under section 27J of that Act about an R&D entity's registration under section 27A of that Act for an income year; or

                            (iii)  a finding under section 28E of that Act about an R&D entity and one or more * R&D activities conducted or to be conducted during one or more income years; and

                     (b)  the finding was made within 4 years after the end of the income year or the last of the income years (as appropriate);

the finding binds the Commissioner for the purposes of assessments of the R&D entity for the income year or years (as appropriate).

Note:          Section 28E of the Industry Research and Development Act 1986 deals with findings that technology is core technology for particular R&D activities. Expenditure incurred in acquiring such technology is not deductible under this Division (see subsection 355-225(2)).

Advance findings about activities yet to be completed

             (2)  If:

                     (a)  an activity is being conducted, or is yet to be conducted, in an income year; and

                     (b)  an * R&D entity applies in the income year for a finding under section 28A of the Industry Research and Development Act 1986 about the activity; and

                     (c)  Innovation and Science Australia makes the finding and gives the Commissioner a certificate under that Act setting out the finding;

the finding binds the Commissioner for the purposes of assessments of the R&D entity for the income year and the next 2 income years.

Advance findings about completed activities

             (3)  However, if:

                     (a)  an activity is completed during an income year; and

                     (b)  an * R&D entity applies in the income year for a finding under section 28A of the Industry Research and Development Act 1986 about the activity; and

                     (c)  Innovation and Science Australia makes the finding and gives the Commissioner a certificate under that Act setting out the finding;

the finding binds the Commissioner for the purposes of assessments of the R&D entity for the income year.



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