Document ID: chunk:federal_register_of_legislation:C2021C00270:clause:5_29:p6
Version: federal_register_of_legislation:C2021C00270
Segment Type: clause
Provision Reference: sch 5 cl 29 (pt 6/10)
Character Range: 75691–78408

or more partners (including the partner) in the R&D partnership are entitled under section 355‑100 to *tax offsets for one or more income years for deductions under section 355‑520 for the asset; and
 (d) an amount (the section 40‑285 amount) is included in the R&D partnership's assessable income for the asset under section 40‑285 (after applying subsection 40‑293(2)) for the present year.
 (2) The amount is the partner's proportion of the amount worked out as follows:
where:
adjusted section 40‑285 amount means so much of an amount equal to the section 40‑285 amount as does not exceed the total decline in value.
total decline in value means the *cost of the asset less its *adjustable value.
total R&D deductions means the sum of each partner's deductions mentioned in paragraph (1)(c) of this section.

355‑450  Amount to be included in assessable income
 (1) The *R&D entity must include, in the entity's assessable income for the present year, the sum of the following amounts for each offset year relating to the clawback amount:
where:
adjusted offset means the *tax offset the R&D entity would have received under section 355‑100 for the offset year if the total amount mentioned in subsection 355‑100(1) for that tax offset were reduced by the portion of the clawback amount that is attributable to the offset year.
deduction amount means the portion of the clawback amount that is attributable to the offset year, multiplied by the R&D entity's *corporate tax rate for the offset year.
starting offset means the amount of the *tax offset the R&D entity has received, or is entitled to receive, under section 355‑100 for the offset year.
 (2) However, if this section, or section 355‑475, has previously applied (whether in the present year or an earlier income year) in relation to another clawback amount, or catch up amount, the *R&D entity has that relates to the offset year, subsection (1) of this section applies as if:
 (a) the starting offset were the *tax offset the R&D entity would have received under section 355‑100 for the offset year if the total amount mentioned in subsection 355‑100(1) were:
 (i) decreased by the sum of the portions of any such other clawback amounts that are attributable to the offset year; and
 (ii) increased by the sum of the portions of any such other catch up amounts that are attributable to the offset year; and
 (b) the reference to the "total amount" in the definition of adjusted offset were a reference to that amount as so adjusted.

Subdivision 355‑H—Catch up deductions for balancing adjustment events for assets used for R&D activities

Guide to Subdivision 355‑H

355‑455  What this Subdivision is about

      An R&D entity can deduct an amount