Document ID: chunk:federal_register_of_legislation:C2014C00703:clause:4_3:p3
Version: federal_register_of_legislation:C2014C00703
Segment Type: clause
Provision Reference: sch 4 cl 3 (pt 3/3)
Character Range: 218944–221378

of the Industry Research and Development Act 1986 were a reference to section 27A of that Act.

Meaning of expressions
 (4) An expression used in this section that is also used in former section 73B of the Income Tax Assessment Act 1936 has the same meaning in this section as it has in that former section.

Subdivision 355‑M—Undeducted core technology expenditure

Table of sections
355‑600 Scope
355‑605 Core technology that is a depreciating asset
355‑610 Core technology that is not a depreciating asset

355‑600  Scope
  This Subdivision applies to core technology (within the meaning of former section 73B of the Income Tax Assessment Act 1936) if:
 (a) you incurred core technology expenditure (within the meaning of that former section) in an income year commencing before 1 July 2011 in relation to the core technology under one or more contracts entered into at or after the time referred to in former subsection 73B(12) of that Act; and
 (b) that expenditure (the undeducted expenditure) cannot be deducted for the last income year commencing before 1 July 2011.

355‑605  Core technology that is a depreciating asset

This section only applies for deductions under Division 40
 (1) This section applies for the purposes of Division 40 of the Income Tax Assessment Act 1997, other than sections 40‑292 and 40‑293 of that Act, if the core technology (the asset) is a depreciating asset.
 (2) Disregard this section, including its effect on the amount you can deduct under section 40‑25 of that Act for the asset, for the purposes of working out:
 (a) a deduction under any other Division of that Act for any income year; and
 (b) a tax offset under any other Division of that Act for any income year.

Changes made by this section
 (3) The asset's opening adjustable value for the first income year that commences on or after 1 July 2011 (the first new income year) is equal to the amount of the undeducted expenditure.
 (4) Subsection 40‑75(2) of the Income Tax Assessment Act 1997 applies to the asset as if the first new income year were a change year (within the meaning of that subsection).

355‑610  Core technology that is not a depreciating asset
  If the core technology is not a depreciating asset, you can deduct the undeducted expenditure in equal proportions over a period of 5 income years starting in the first income year commencing on or after 1 July 2011.

Part 4—Other savings and transitional provisions