Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 11   Research and development

Part 1   Amendment of the Income Tax Assessment Act 1936

10   Subsection 73B(34)

Repeal the subsection, substitute:

Certificates from Board bind Commissioner

(34) If the Board gives to the Commissioner:

(a) a certificate that:

(i) is given under section 39L of the Industry Research and Development Act 1986; and

(ii) states whether particular activities were research and development activities; and

(iii) relates to activities that were carried on by or on behalf of an eligible company; or

(b) a certificate that:

(i) is given under section 39LAAA of the Industry Research and Development Act 1986; and

(ii) states whether particular activities were Australian-centred research and development activities; and

(iii) relates to activities in relation to which an eligible company incurred expenditure;

the certificate is binding on the Commissioner for the purpose of making an assessment of the eligible company's taxable income of any year of income in which those activities were carried on.

(34AA) If the Board gives to the Commissioner a certificate that:

(a) is given under section 39LAAB of the Industry Research and Development Act 1986; and

(b) states whether particular activities were activities that would have been Australian-centred research and development activities if subsection (2BA) of this section had not been enacted; and

(c) relates to activities in relation to which an eligible company incurred expenditure;

the certificate is binding on the Commissioner for the purpose of making an assessment of the eligible company's taxable income of any year of income in which those activities were carried on and any later year of income.

Note: The following heading to subsection 73B(36) is inserted "Apportioning insurance receipts etc.".