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
68 Section 20-5 (at the end of the table)
Add:
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9 |
An R&D entity receives or becomes entitled to receive an amount: • for, or relating to, the results of R&D activities; or • attributable to it incurring expenditure on R&D activities or to its use of a depreciating asset for the purpose of conducting R&D activities; and the entity is entitled under Division 355 to a tax offset relating to those R&D activities. The amount is included in its assessable income. |
355-410 |
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10 |
You receive a recoupment from government relating to R&D activities for which entitlements to tax offsets under Division 355 arise. Extra income tax is payable on the recoupment. |
Subdivision 355-G |
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