Document ID: chunk:federal_register_of_legislation:C2014C00703:clause:1_4:p2
Version: federal_register_of_legislation:C2014C00703
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 2/7)
Character Range: 61545–64355

that amount; and
 (b) the following amount;
is included in the partner's assessable income for the event year:
where:
adjusted section 40‑285 amount means so much of the section 40‑285 amount as does not exceed the total decline in value.
total decline in value means the asset's *cost, less its *adjustable value, worked out under Division 40 as it applies as described in paragraph (1)(e).

355‑530  Implications for partner's aggregated turnover
  For the purposes of sections 40‑292 (balancing adjustments for decline in value) and 355‑100 (tax offsets for R&D), if:
 (a) an *R&D entity is a partner of an *R&D partnership at some time during an income year; and
 (b) the partner's *aggregated turnover for the income year does not include the R&D partnership's *annual turnover for the income year;
the partner's aggregated turnover for the income year includes the *partner's proportion of the R&D partnership's annual turnover for the income year.

355‑535  Disposal of R&D results for R&D partnerships
  In addition to its application apart from this section, section 355‑410 (disposal of R&D results) also applies to each partner of an *R&D partnership with such changes as are appropriate having regard to:
 (a) amounts (the results amounts) of a kind set out in subparagraphs 355‑410(1)(b)(i) to (v) that the R&D partnership receives or becomes entitled to receive in an income year; and
 (b) the principle that any amount to be included in the partner's assessable income for the income year for a results amount should be the partner's proportion of the amount arising under subsection 355‑410(2) for the results amount.
Note: The ordinary application of section 355‑410 will apply to any of the partner's deductions under this Division that do not relate to the R&D partnership.

355‑540  Application of recoupment rules
 (1) If:
 (a) an *R&D partnership incurs expenditure (the partnership expenditure) on *R&D activities; and
 (b) an *R&D entity (the partner) is entitled under section 355‑100 to a *tax offset because it can, under section 355‑205 or 355‑480, deduct some or all of that expenditure; and
 (c) the R&D partnership receives an amount as a *recoupment of any or all of the partnership expenditure;
the partner is taken, for the purposes of Subdivisions 20‑A and 355‑G:
 (d) to have incurred the partner's proportion of the partnership expenditure when the R&D partnership incurred that expenditure; and
 (e) to have received the partner's proportion of the recoupment when the R&D partnership received the recoupment.
 (2) If:
 (a) an *R&D entity (the partner) is entitled under section 355‑100 to a *tax offset because it can, under section 355‑520, deduct an amount for an income year for an asset; and
 (b) the applicable *R&D partnership receives an amount as a *recoupment of