Commonwealth Consolidated Acts

INDUSTRY RESEARCH AND DEVELOPMENT ACT 1986 - SECT 39JC

             (1)  For the purposes of this section, an eligible company is taken to have a tax loss history only if:

                     (a)  the company makes an application for registration under section 39J in respect of the 1992‑93 year of income, or an earlier year of income; and

                     (b)  the company had no taxable income in that year of income, nor in every subsequent year of income that ended before 7 December 1995.

             (2)  If an eligible company has a tax loss history, paragraph 39J(1A)(a) does not apply in relation to the eligible company in respect of the year of income that is the subject of the application mentioned in paragraph (1)(a).

             (3)  The Board cannot register under section 39J an eligible company that has a tax loss history in respect of the year of income mentioned in subsection (2) unless the application for registration is made before 1 July 1997.