Document ID: chunk:federal_register_of_legislation:C2021C00270:clause:5_29:p9
Version: federal_register_of_legislation:C2021C00270
Segment Type: clause
Provision Reference: sch 5 cl 29 (pt 9/10)
Character Range: 83019–85689

registered under section 27A of the Industry Research and Development Act 1986 for one or more *R&D activities for the present year; and
 (f) the partner can deduct an amount under subsection 355‑525(2) for the present year for the asset and the balancing adjustment event.
 (2) The amount is an amount equal to the amount mentioned in paragraph (1)(f).

355‑468  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) the R&D partnership can deduct an amount (the section 40‑285 amount) for the asset under section 40‑285 (after applying subsection 40‑293(2)) for the present year.
Note: This section applies in a modified way if the partners have deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 40‑293 of the Income Tax (Transitional Provisions) Act 1997).
 (2) The amount is the partner's proportion of the amount worked out as follows:
where:
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.

355‑475  Amount that can be deducted
 (1) The *R&D entity can deduct, for the present year, the sum of the following amounts for each offset year relating to the catch up 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 increased by the portion of the catch up amount that is attributable to the offset year.
deduction amount means the portion of the catch up amount that is attributable to the offset year, multiplied by the R&D entity's *corporate tax rate for the offset year.
starting offset means the amount of the *tax offset the R&D entity has received, or is entitled to receive,