Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 11   Research and development

Part 1   Amendment of the Income Tax Assessment Act 1936

2   Subsection 73B(1)

Insert:

Australian-centred research and development activities means:

(a) Australian research and development activities that are covered by paragraph (a) of the definition of research and development activities ; or

(b) Australian research and development activities covered by all of the following:

(i) the activities are not covered by paragraph (a) of the definition of research and development activities ;

(ii) the activities are carried on for a purpose directly related to the carrying on of other Australian research and development activities that are of the kind referred to in paragraph (a) of that definition;

(iii) that purpose is the sole or dominant purpose for which the activities are carried on.

Note: The following heading to subsection 73B(1) is inserted "Definitions".