Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)
Schedule 5 Enhancing the integrity of the R&D Tax Incentive
Part 2 R&D clawback and catch up amounts
Income Tax Assessment Act 1997
28 Subsection 355-315(3)
Repeal the subsection, substitute:
(3) If an amount would be included in the *R&D entity's assessable income for the event year under subsection 40-285(1) for the asset and the event if Division 40 applied as described in paragraph (1)(e), that amount is included in the R&D entity's assessable income for the event year.
Note: Some or all of the amount included in the R&D entity's assessable income may result in a clawback amount for the R&D entity (see section 355-446).