Document ID: chunk:federal_register_of_legislation:C2021C00270:clause:4_10
Version: federal_register_of_legislation:C2021C00270
Segment Type: clause
Provision Reference: sch 4 cl 10
Character Range: 53478–54570

10  At the end of Subdivision 355‑C
Add:

355‑115  Working out an R&D entity's total expenses
 (1) For the purposes of subsection 355‑100(1A), an *R&D entity's total expenses for an income year is the sum of the amounts covered by subsection (2).
 (2) The following amounts are covered by this subsection:
 (a) the *R&D entity's total expenses for the income year worked out in accordance with:
 (i) the *accounting principles; or
 (ii) if accounting principles do not apply in relation to the R&D entity—commercially accepted principles relating to accounting;
 (b) any amount the R&D entity can deduct for the income year as mentioned in subsection 355‑100(1), to the extent the amount is not covered by paragraph (a) for the income year.

Amounts counted once only
 (3) For the purposes of subsection (2):
 (a) disregard an amount to which paragraph (2)(a) otherwise applies if paragraph (2)(b) has previously applied in relation to the amount; and
 (b) disregard an amount to which paragraph (2)(b) otherwise applies if paragraph (2)(a) has previously applied in relation to the amount.