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

Schedule 3   Other amendments relating to new R&D incentive

Part 6   Other amendments

Income Tax Assessment Act 1997

80   Subsection 104-240(1) (paragraph (b) of the definition of sum of reductions )

Repeal the paragraph, substitute:

(b) if the depreciating asset is covered by subsection 104-235(1B) - the reductions that would have been required under section 40-25 on the assumption that using the asset for a *taxable purpose included using it for the purpose of conducting *R&D activities for which you were registered under section 27A of the Industry Research and Development Act 1986.