Income Tax Assessment Act 1936

Div 3 heading inserted by No 172 of 1978.

S 73V repealed by No 93 of 2011, s 3 and Sch 3 item 44, effective 8 September 2011.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

SECTION 73V ADJUSTMENT BALANCE  
73V(1)
The adjustment balance is, if the R & D spend of the eligible company for the Y _{− 1} year of income is less than or equal to RA _{− 1} :

AA ₀ + AA _{− 1}

73V(2)
Otherwise, the adjustment balance is:

RA _{− 1} + AA ₀ + AA _{− 1}

reduced by the R & D spend of the eligible company for the Y _{− 1} year of income.

73V(3)
The adjustment balance is zero if:

(a) the eligible company or any of its group members met the conditions either in paragraphs 73QA(1)(a) and (b) or in paragraphs 73QB(1)(a) and (b) for the Y _{− 1} year of income; and

(b) there has been no change in the control of the eligible company or any of its group members for the Y ₀ year of income resulting in:

(i) a company entering or leaving the group with a viable business; and

(ii) a change to the R & D spend of the eligible company for the Y _{− 1} , Y _{− 2} or Y _{− 3} year of income.

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History

S 73V(3) amended by No 164 of 2007 , s 3 and Sch 11 item 41, by substituting " met the conditions either in paragraphs 73QA(1)(a) and (b) or in paragraphs 73QB(1)(a) and (b) " for " was eligible to claim an additional deduction under section 73Y " in para (a), effective 25 September 2007. For application provision, see note under s 73B(1AAA) . For transitional provisions regarding reduced notional expenditure on foreign owned R & D, see note under s 73P(1) .

Act No 164 of 2007 , s 3 and Sch 1 item 79, contained the following further transitional provision:

79 Transitional provisions - deductions under former section 73Y of the Income Tax Assessment Act 1936  
(1)
This item modifies paragraphs 73T(3)(a) and (4)(a) and 73V(3)(a) of the Income Tax Assessment Act 1936 as amended by this Schedule for the Y ₀ year of income that is the first year of income starting after 30 June 2007.

(2)
Those paragraphs have effect for that year of income as if an eligible company or one of its group members could deduct an amount under section 73QA for the Y _-1 year of income if the company or group member had been eligible to claim an additional deduction under section 73Y of that Act (as in force before the commencement of this Schedule) for that Y _-1 year of income.

(3)
A term that is used in this item and had a meaning given by any of sections 73P to 73Z of the Income Tax Assessment Act 1936 immediately before the commencement of this Schedule has the same meaning in this item.