Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 10/18)
Character Range: 5205169–5207871

1936 (see section 355‑325 of the Income Tax (Transitional Provisions) Act 1997).
Note 2: Section 40‑293 applies if the R&D partnership can deduct an amount under section 40‑25, as that section applies apart from this Division and former section 73BC of the Income Tax Assessment Act 1936.
 (2) The amount is the partner's proportion of the amount that is so much of an amount equal to the section 40‑285 amount as does not exceed the difference between:
 (a) the asset's *cost; and
 (b) the asset's *adjustable value, worked out under Division 40 as if that Division applied with the changes described in section 355‑310.

355‑449  Balancing adjustments for R&D partnership assets partially used for R&D activities
 (1) The *R&D entity (the partner) has an amount under this section if:
 (a) the partner is a partner in an *R&D partnership; and
 (b) a *balancing adjustment event happens in the present year for a *depreciating asset *held by the R&D partnership and for which:
 (i) the R&D partnership can deduct, for an income year, an amount under section 40‑25, as that section applies apart from Division 355 and former section 73BC of the Income Tax Assessment Act 1936; or
 (ii) the R&D partnership could have deducted, for an income year, an amount as described in subparagraph (i) if it had used the asset; and
 (c) one or more partners (including the partner) in the R&D partnership are entitled under section 355‑100 to *tax offsets for one or more income years for deductions under section 355‑520 for the asset; and
 (d) an amount (the section 40‑285 amount) is included in the R&D partnership's assessable income for the asset under section 40‑285 (after applying subsection 40‑293(2)) for the present year.
 (2) The amount is the partner's proportion of the amount worked out as follows:
where:
adjusted section 40‑285 amount means so much of an amount equal to the section 40‑285 amount as does not exceed the total decline in value.
total decline in value means the *cost of the asset less its *adjustable value.
total R&D deductions means the sum of each partner's deductions mentioned in paragraph (1)(c) of this section.

355‑450  Amount to be included in assessable income
 (1) The *R&D entity must include, in the entity's assessable income for the present year, the sum of the following amounts for each offset year relating to the clawback amount:
where:
adjusted offset means the *tax offset the R&D entity would have received under section 355‑100 for the offset year if the total amount mentioned in subsection 355‑100(1) for that tax offset were reduced by the portion of the clawback amount that is attributable to the offset year.
deduction amount means the portion of the