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

31   Subsection 73P(2) (definition of RA-1 )

Repeal the definition, substitute:

RA-1 (short for Running Average for the Y-1 year of income) means half the sum of the R&D spend of the eligible company and its group members for the Y-2 and Y-3 years of income.