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

9

An R&D entity receives or becomes entitled to receive an amount:

• for, or relating to, the results of R&D activities; or

• attributable to it incurring expenditure on R&D activities or to its use of a depreciating asset for the purpose of conducting R&D activities;

and the entity is entitled under Division 355 to a tax offset relating to those R&D activities.

The amount is included in its assessable income.

355-410

10

You receive a recoupment from government relating to R&D activities for which entitlements to tax offsets under Division 355 arise.

Extra income tax is payable on the recoupment.

Subdivision 355-G