Document ID: chunk:federal_register_of_legislation:C2005C00282:clause:3_73j
Version: federal_register_of_legislation:C2005C00282
Segment Type: clause
Provision Reference: sch 3 cl 73J
Character Range: 93482–94859

73J  Eligibility for tax offset

 (1) An eligible company is eligible to choose the tax offset for the tax offset year if:
 (a) it could, apart from subsection 73I(4), deduct an amount under section 73B, 73BA, 73BH or 73Y for that year; and
 (b) its aggregate research and development amount for the tax offset year exceeds $20,000; and
 (c) the aggregate research and development amount for the tax offset year of the company and of taxpayers with which it is grouped (while they are grouped in that year) is not more than $1,000,000; and
 (d) the R&D group turnover of the company for that year is less than $5,000,000.

Note: Section 73L sets out the taxpayers with which the company is grouped.

Exception

 (2) An eligible company is not eligible to choose the tax offset for the tax offset year if an exempt entity, the affiliates of an exempt entity, an exempt entity together with its affiliates, or 2 or more exempt entities, at any time during the tax offset year, legally or beneficially own, or have the right to acquire, the legal or beneficial ownership of:
 (a) interests in the company that carry between them the right to exercise, or control the exercise of, at least 25% of the voting power in the company; or
 (b) interests in the company that carry between them the right to receive at least 25% of any distribution of income or capital by the company.