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

Schedule 3A   Quarterly credits

Part 1   Introduction

1   Definitions

(1) In this Schedule:

net refund assessment position : an entity is in a net refund assessment position for an income year if:

(a) an excess remains after the entity’s tax offsets for the income year are applied against its basic income tax liability for the income year; and

(b) that excess is wholly or partly refundable.

Note: The excess will be wholly or partly refundable if some or all of the tax offsets are refundable tax offsets.

quarterly credit means a credit referred to in item 3.

refundable R&D tax offset : an entity is entitled to a refundable R&D tax offset for an income year if:

(a) the entity is an R&D entity that is entitled under section 355-100 of the Income Tax Assessment Act 1997 to a tax offset for the income year; and

(b) that tax offset is a refundable tax offset.

refundable tax offset means a tax offset that is subject to the refundable tax offset rules.

relevant Acts means the following Acts:

(a) the Income Tax Assessment Act 1936;

(b) the Income Tax Assessment Act 1997;

(c) the Industry Research and Development Act 1986;

(d) the Taxation Administration Act 1953.

total credits : an entity’s total credits for an income year is an amount equal to the sum of the entity’s quarterly credits for the income year.

(2) Subject to subitem (1), an expression used in this Schedule that is also used in the Income Tax Assessment Act 1997 has the same meaning in this Schedule as it has in that Act.