Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 4 AMENDMENTS RELATING TO RESEARCH AND DEVELOPMENT ACTIVITIES

Omit the definition, substitute:

"'research and development activities' means:

(a) systematic, investigative or experimental activities that involve innovation or technical risk and are carried on for the purpose of:

(i) acquiring new knowledge (whether or not that knowledge will have a specific practical application); or

(ii) creating new or improved materials, products, devices, processes or services; or

(b) other activities that are carried on for a purpose directly related to the carrying on of activities of the kind referred to in paragraph (a);".