Income Tax Assessment Act 1936

Div 3 heading inserted by No 172 of 1978.

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S 73J repealed by No 93 of 2011, s 3 and Sch 3 item 44, effective 8 September 2011. For application, savings and transitional provisions see note under s 82KZLB . S 73J formerly read:

SECTION 73J ELIGIBILITY FOR TAX OFFSET  
73J(1)
An eligible company is eligible to choose the tax offset for the tax offset year if:

(a) it could, apart from subsection 73I(4) , deduct an amount under section 73B (except subsection 73B(14C) ), 73BA , 73BH or 73QA for that year; and

(b) either:

(i) all or part of the amount that the company could, apart from subsection 73I(4) , have deducted is contracted expenditure; or

(ii) its aggregate research and development amount for the tax offset year exceeds $20,000; and

(c) the aggregate research and development amount for the tax offset year of the company and of persons with which it is grouped (while they are grouped in that year) is not more than $2,000,000; and

(d) the R & D group turnover of the company for that year is less than $5,000,000.

Note:

Section 73L sets out the persons with which the company is grouped.

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History

S 73J(1) amended by No 88 of 2009, s 3 and Sch 1 item 1, by substituting " $2,000,000 " for " $1,000,000 " in para (c), applicable to years of income starting on or after 1 July 2009.

S 73J(1) amended by No 164 of 2007 , s 3 and Sch 11 items 22 and 23, by inserting " (except subsection 73B(14C)) " after " 73B " and substituting " 73QA " for " 73Y " in para (a), effective 25 September 2007. For application provision, see note under s 73B(1AAA) .

S 73J(1) amended by No 78 of 2007 , s 3 and Sch 3 items 5, 7 and 8, by substituting para (b), substituting " persons " for " taxpayers " in para (c) and substituting " persons " for " taxpayers " in the note, effective 21 June 2007. No 78 of 2007 , s 3 and Sch 3 items 6 and 9 contains the following application provisions:

6 Application  
6
The amendment made by item 5 applies to expenditure incurred in years of income commencing on or after 21 June 2007. 9 Application  
9
The amendment made by item 7 applies to the first year of income commencing after 9 May 2006 and later years.

Para (b) formerly read:

(b) its aggregate research and development amount for the tax offset year exceeds $20,000; and

73J(2) Exception.  

An eligible company is not eligible to choose the tax offset for the tax offset year if an exempt entity, the affiliates of an exempt entity, an exempt entity together with its affiliates, or 2 or more exempt entities, at any time during the tax offset year, legally or beneficially own, or have the right to acquire, the legal or beneficial ownership of:

(a) interests in the company that carry between them the right to exercise, or control the exercise of, at least 25% of the voting power in the company; or

(b) interests in the company that carry between them the right to receive at least 25% of any distribution of income or capital by the company.

S 73J inserted by No 170 of 2001.