Document ID: chunk:federal_register_of_legislation:C2025C00014:section:73a:p3
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 73A (pt 3/3)
Character Range: 408994–411363

or the part of the building, at the time of the purchase;
the purchase price is, for all purposes of the application of this Act in relation to the vendor, taken to have been the amount of the market value of the property at the time of the purchase.
 (5) If the purchase of the building is a creditable acquisition by the vendor, references in subsection (4A) to the purchase price are taken to be references to that price reduced by the amount of the net input tax credit to which the purchaser is entitled for the acquisition.
 (6) In this section:
an approved research institute means the Commonwealth Scientific and Industrial Research Organization, or any university, college, institute, association or organization which is approved in writing for the purposes of this section by that Organization, by the Chief Executive Officer of the NHMRC or by the Research Secretary, as an institution, association or organization for undertaking scientific research which is or may prove to be of value to Australia.
NHMRC means the National Health and Medical Research Council established by section 5B of the National Health and Medical Research Council Act 1992.
Research Secretary means the Secretary of the Department administered by the Minister administering the Australian Research Council Act 2001.
scientific research means any activities in the fields of natural or applied science for the extension of knowledge.
termination value has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
 (7) An approval for the purposes of subsection (6) may:
 (a) operate as from a date, whether before or after the date of the approval, specified in the instrument of approval; and
 (b) be withdrawn at any time.
 (8) In this section, any reference to scientific research related to a business or class of business shall be read as including a reference to:
 (i) any scientific research which may lead to or facilitate an extension, or an improvement in the technical efficiency, of that business, or, as the case may be, of businesses of that class; and
 (ii) any scientific research of a medical nature which is of special relation to the welfare of workers employed in that business or, as the case may be, in businesses of that class.
 (9) This section does not apply in relation to payments made, or expenditure incurred, after 30 June 1995.