TAXATION LAWS AMENDMENT ACT 1988No. 11, 1988 - SECT 12 Expenditure on scientific research

TAXATION LAWS AMENDMENT ACT 1988No. 11, 1988 - SECT 12

12. Section 73A of the Principal Act is amended by inserting after subsection
(2) the following subsection:

"(2A) Subsection (2) does not apply to expenditure incurred by a taxpayer in
the construction of a building or part of a building, in the making of an
alteration or addition to a building or in the acquisition of a building or
part of a building unless:

   (a)  either of the following subparagraphs applies:

        (i)    that construction or making commenced, or that acquisition
               occurred, before 21 November 1987;

        (ii)   any contract in respect of that construction, making or
               acquisition was entered into before 21 November 1987; and

   (b)  if the expenditure was incurred after 20 November 1987-the taxpayer
        intended, on 20 November 1987, that:

        (i)    scientific research, being research related to a business
               carried on by the taxpayer for the purpose of gaining or
               producing assessable income, would be carried on by or on
               behalf of the taxpayer in the building; and

        (ii)   the building, part of the building, alteration or addition, as
               the case may be, would be of use for scientific research
               purposes only.".