Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:1_1:p4
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 4/4)
Character Range: 15187–17540

subsidiaries (if any) incurred total expenses of $1 million or less in the income year before the current year; and
 (c) the company and its 100% subsidiaries (if any) had a total assessable income of $200,000 or less in the income year before the current year; and
 (d) at the test time, none of the company's *equity interests are listed for quotation in the official list of any stock exchange in Australia or a foreign country; and
 (e) at the test time, the company has at least 100 points under section 360‑45, or:
 (i) the company is genuinely focussed on developing for commercialisation one or more new, or significantly improved, products, processes, services or marketing or organisational methods; and
 (ii) the business relating to those products, processes, services or methods has a high growth potential; and
 (iii) the company can demonstrate that it has the potential to be able to successfully scale that business; and
 (iv) the company can demonstrate that it has the potential to be able to address a broader than local market, including global markets, through that business; and
 (v) the company can demonstrate that it has the potential to be able to have competitive advantages for that business.
 (2) For the purposes of paragraph (1)(c), disregard any Accelerating Commercialisation Grant under the program administered by the Commonwealth known as the Entrepreneurs' Programme.
 (3) Subparagraphs (1)(e)(i) to (v) cannot be satisfied for:
 (a) a product, process, service or method; or
 (b) an improvement to a product, process, service or method;
that is of a kind prescribed by regulations made for the purposes of this subsection.
 (4) Subsection (1) does not apply to a company if, before the test time, the company engaged in an activity of a kind prescribed by regulations made for the purposes of this subsection.

360‑45  100 point innovation test
 (1) At a particular time (the test time) in an income year (the current year), a company has the points mentioned in an item of the following table if that item applies to the company at that time.

Innovation points potentially available at that time in the current year
                                                                          Column 1  Column 2
Item                                                                      Points    Innovation criteria