Document ID: chunk:federal_register_of_legislation:C2021C00098:clause:1_4
Version: federal_register_of_legislation:C2021C00098
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 4368–4988

4  At the end of section 355‑100
Add:

If notional deductions exceed $100 million
 (3) Despite subsection (1), if the total of those amounts exceeds $100 million, the *R&D entity is instead entitled to a *tax offset for the income year equal to the sum of:
 (a) that percentage of $100 million; and
 (b) the product of the excess and the *corporate tax rate.
Note: The R&D entity may be able to reduce related amounts that would otherwise be:
(a) included in its assessable income because of a balancing, or feedstock, adjustment; or
(b) payable as extra income tax because of an R&D recoupment;
(see section 355‑720).