Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT 1991No. 48, 1991 - SECT 29

29. Section 124ZF of the Principal Act is amended by omitting from
subsection (1) the definition of "research and development activities" and
substituting the following definition: " `research and development activities'
means activities that:

   (a)  either:

   (i)  are research and development activities for the purposes of section
        73B; or

   (ii) would be research and development activities for the purposes of that
        section if either or both of the following amendments were made:

                (A)  an amendment of the definition of `research and
                     development activities' in subsection (1) of that section
                     so that references in that definition to activities
                     carried on in Australia included references to activities
                     carried on outside Australia;

                (B)  an amendment of subsection (2A) of that section so that
                     references in that subsection to an eligible company
                     included references to a person other than an eligible
                     company; and

   (b)  are carried on by a person in connection with a business carried on by
        the person for the purposes of gaining or producing assessable
        income;".