Document ID: chunk:federal_register_of_legislation:C2014C00703:clause:1_4:p4
Version: federal_register_of_legislation:C2014C00703
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 4/7)
Character Range: 66636–69347

other deductions arise for monetary contributions etc.
 (3) Neither:
 (a) a contribution an *R&D entity can deduct under subsection (1); nor
 (b) expenditure incurred under the *CRC program, to the extent that the expenditure is incurred out of:
 (i) a contribution an R&D entity can deduct under subsection (1); or
 (ii) Commonwealth funding;
can be deducted by any R&D entity under any other provision of this Division for any income year.
 (4) If an asset's *cost includes expenditure incurred under the *CRC program out of:
 (a) a contribution an *R&D entity can deduct under subsection (1); or
 (b) Commonwealth funding;
an amount equal to the asset's decline in value cannot be deducted under this Division by any R&D entity for any income year.

Subdivision 355‑W—Other matters

Table of sections
355‑700 Objecting to assessment of refundable tax offset
355‑705 Effect of findings by Innovation Australia
355‑710 Amendment of assessments
355‑715 Implications for other deductions and tax offsets

355‑700  Objecting to assessment of refundable tax offset
 (1) An *R&D entity may object under subsection 175A(1) of the Income Tax Assessment Act 1936 against an assessment made in relation to the R&D entity to the extent that the assessment relates to the amount of a *tax offset under section 355‑100 that is subject to the refundable tax offset rules.
Note: See section 67‑30 for when a tax offset under section 355‑100 is subject to the refundable tax offset rules.
 (2) This section does not limit subsection 175A(1) of that Act, and has effect despite subsection 175A(2) of that Act.
Note: Subsection 175A(2) of that Act prevents objections if the taxpayer has no taxable income, or if there is no tax payable on the taxpayer's taxable income.

355‑705  Effect of findings by Innovation Australia

Findings about registration or core technology
 (1) If:
 (a) a certificate given to the Commissioner under the Industry Research and Development Act 1986 sets out:
 (i) a finding under section 27B of that Act about an *R&D entity's application for registration under section 27A of that Act for an income year; or
 (ii) a finding under section 27J of that Act about an R&D entity's registration under section 27A of that Act for an income year; or
 (iii) a finding under section 28E of that Act about an R&D entity and one or more *R&D activities conducted or to be conducted during one or more income years; and
 (b) the finding was made within 4 years after the end of the income year or the last of the income years (as appropriate);
the finding binds the Commissioner for the purposes of assessments of the R&D entity for the income year or years (as appropriate).
Note: Section 28E of the Industry