Document ID: chunk:federal_register_of_legislation:C2014C00703:clause:1_4:p5
Version: federal_register_of_legislation:C2014C00703
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 5/7)
Character Range: 69116–71771

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 Research and Development Act 1986 deals with findings that technology is core technology for particular R&D activities. Expenditure incurred in acquiring such technology is not deductible under this Division (see subsection 355‑225(2)).

Advance findings about activities yet to be completed
 (2) If:
 (a) an activity is being conducted, or is yet to be conducted, in an income year; and
 (b) an *R&D entity applies in the income year for a finding under section 28A of the Industry Research and Development Act 1986 about the activity; and
 (c) Innovation Australia makes the finding and gives the Commissioner a certificate under that Act setting out the finding;
the finding binds the Commissioner for the purposes of assessments of the R&D entity for the income year and the next 2 income years.

Advance findings about completed activities
 (3) However, if:
 (a) an activity is completed during an income year; and
 (b) an *R&D entity applies in the income year for a finding under section 28A of the Industry Research and Development Act 1986 about the activity; and
 (c) Innovation Australia makes the finding and gives the Commissioner a certificate under that Act setting out the finding;
the finding binds the Commissioner for the purposes of assessments of the R&D entity for the income year.

355‑710  Amendment of assessments

Dealing with findings of Innovation Australia
 (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 28A or 28C of that Act made on application by an R&D entity during an income year; or
 (iv) 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);
despite section 170 of the Income Tax Assessment Act 1936, the Commissioner may amend the R&D entity's assessment for an income year affected by the finding at any time for the purposes of giving effect to the finding.
 (2) However,