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

Schedule 3A   Quarterly credits

Part 4   Alternative constitutional basis

7   Alternative constitutional basis

(1) Without limiting its effect apart from this subitem, the modified operation of each relevant Act as a result of the regulations has the effect it would have if:

(a) subitem (2) had not been enacted; and

(b) the relevant Act applied so that quarterly credits could only be worked out for an R&D entity that:

(i) is a constitutional corporation; or

(ii) has its registered office (within the meaning of the Corporations Act 2001) or principal place of business (within the meaning of that Act) located in a Territory.

(2) Without limiting its effect apart from this subitem, the modified operation of each relevant Act as a result of the regulations has the effect it would have if:

(a) subitem (1) had not been enacted; and

(b) the relevant Act applied so that quarterly credits could only be worked out in respect of activities, or parts of activities, conducted or to be conducted:

(i) solely in a Territory; or

(ii) solely outside of Australia; or

(iii) solely in a Territory and outside of Australia; or

(iv) for the dominant purpose of supporting core R&D activities conducted, or to be conducted, solely in a Territory.