Tax Laws Amendment (Research and Development) Act 2011 (93 of 2011)

Schedule 3   Other amendments relating to new R&D incentive

Part 6   Other amendments

Income Tax Assessment Act 1997

94   Paragraph 205-35(1)(b)

Repeal the paragraph, substitute:

(b) the refund of the amount, or the application of the credit, represents in whole or in part:

(i) a return to the entity of an amount paid or applied to satisfy the entity’s liability to pay income tax; or

(ii) the amount remaining after applying a *tax offset that is subject to the refundable tax offset rules because of section 67-30 (about R&D) against the entity’s basic income tax liability.