Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)

Schedule 5   Enhancing the integrity of the R&D Tax Incentive

Part 2   R&D clawback and catch up amounts

Income Tax Assessment Act 1997

32   Subsections 355-525(3) to (7)

Repeal the subsections, substitute:

(3) If an amount would be included in the *R&D partnership's assessable income for the event year under subsection 40-285(1) for the asset and the event if Division 40 applied as described in paragraph (1)(e), the partner's proportion of that amount is included in the partner's assessable income for the event year.

Note: Some or all of the amount included in the partner's assessable income may result in a clawback amount for the partner (see section 355-448).