Income Tax Assessment Act 1936

Div 3 heading inserted by No 172 of 1978.

S 73BH repealed by No 93 of 2011, s 3 and Sch 3 item 44, effective 8 September 2011.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 73BH formerly read:

SECTION 73BH DEDUCTION FOR PLANT ETC. USED FOR PURPOSE OF CARRYING ON RESEARCH AND DEVELOPMENT ACTIVITIES  
73BH(1) Entitlement to deduction.  

If an eligible company has a notional Division 42 deduction for a unit of section 73BH plant for a year of income, the company is entitled to a deduction under this section for the plant for the year of income.

73BH(2) Amount of deduction.  

If the eligible company's aggregate research and development amount for the year of income is more than $20,000, the deduction is equal to the notional Division 42 deduction multiplied by 1.25. If not, it equals the notional Division 42 deduction.

73BH(3) No deduction if earlier Division 42 pooling or low-value pool deductions allowable.  

An eligible company is not entitled to a deduction under this section for a unit of section 73BH plant for any period if the company was entitled to a deduction for the unit for any earlier period under Division 42 of the Income Tax Assessment Act 1997 , in a case to which Subdivision 42-L or 42-M (about pooling and low-value pools) of that Division applied.

[ CCH Note: S 73BH(4) and (5) omitted from Bill.]

73BH(6) Expenditure deductible under this section not deductible under other provisions.  

If the whole or a part of an amount of expenditure incurred by an eligible company has been allowed or is or may become allowable as a deduction under this section, that whole or part is not an allowable deduction, and is not to be taken into account in working out the amount of an allowable deduction, from the assessable income of the company of any year of income under any other provision of this Act.

73BH(7) Definitions.  

In this section:

aggregate research and development amount
has the same meaning as in section 73B .

eligible company
has the same meaning as in section 73B .

notional Division 42 deduction
has the meaning given by section 73BJ .

section 73BH plant
has the meaning given by section 73BI .

S 73BH inserted by No 170 of 2001.