INCOME TAX ASSESSMENT ACT 1997 - SECT 355.705 Effect of findings by Industry Innovation and Science Australia

INCOME TAX ASSESSMENT ACT 1997 - SECT 355.705

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)   Industry 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)   Industry 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.