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INCOME TAX ASSESSMENT ACT 1997 - SECT 355.510 R&D partnership expenditure on R&D activities

INCOME TAX ASSESSMENT ACT 1997 - SECT 355.510

R&D partnership expenditure on R&D activities

    If an * R&D partnership incurs expenditure on one or more R&D activities during an income year, this Division applies in relation to each * R&D entity that is a partner of the R&D partnership at some time during the income year as if:

  (a)   the partner incurred the partner's proportion of that expenditure when the R&D partnership incurred that expenditure; and

  (b)   neither the R&D partnership, nor any other partner of the R&D partnership, incurred expenditure during the income year on the R&D activities; and

  (c)   such other changes were made to this Division as are appropriate having regard to that partner's proportion of amounts attributable to the R&D partnership.

Note:   This section and section   355 - 515 may result in:

(a)   the partner being able to deduct the partner's proportion of the partnership expenditure under section   355 - 205 (R&D expenditure) or 355 - 480 (earlier year associate R&D expenditure) for the R&D activities; and

(b)   the partner being affected by the integrity rules in Subdivisions   355 - F, 355 - G and 355 - H.

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