Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:1_8:p1
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 1 cl 8 (pt 1/3)
Character Range: 21872–24883

8                                                                         25        The company has a written agreement with:
                                                                                    (a) an institution or body listed in Schedule 1 to the Higher Education Funding Act 1988 (about institutions or bodies eligible for special research assistance); or
                                                                                    (b) an entity registered under section 29A of the Industry Research and Development Act 1986 (about research service providers);
                                                                                    to co‑develop and commercialise a new, or significantly improved, product, process, service or marketing or organisational method.

 (2) At the test time, the company also has the points prescribed by regulations made for the purposes of this subsection if the prescribed innovation criteria for those points apply to the company at that time.

360‑50  Modified CGT treatment
 (1) This section applies if the issuing of a *share to an entity gives rise to an entitlement to a *tax offset under this Subdivision.
Note: This section applies to any share that gives rise to the entitlement, regardless of whether subsection 360‑25(2) reduces the amount of the tax offset.
 (2) The entity is taken to hold the *share on capital account.
 (3) The entity must disregard any *capital loss it makes from any *CGT event happening in relation to the *share if:
 (a) the entity has continuously held the share since its issue; and
 (b) the CGT event happens before the tenth anniversary of the issue of the share.
 (4) The entity may disregard any *capital gain it makes from any *CGT event happening in relation to the *share if:
 (a) the entity has continuously held the share since its issue; and
 (b) the CGT event happens on or after the first anniversary, but before the tenth anniversary, of the issue of the share.
 (5) If the entity has continuously held the *share since its issue, the *first element of its *cost base and *reduced cost base becomes, on the tenth anniversary of its issue, its *market value on that anniversary.

360‑55  Modified CGT treatment—partnerships
 (1) The purpose of this section is to ensure that the modifications made by section 360‑50 apply to each partner in a partnership in a case where the partnership is the entity that is issued with the *share mentioned in subsection 360‑50(1).
 (2) In such a case, subsections 360‑50(2) to (4) apply as if:
 (a) the first reference in those subsections to the entity were a reference to each partner in the partnership; and
 (b) the first reference in those subsections to the *share were a reference to the partner's interest in the share.
Note: The references to the entity and the share in the paragraphs of subsections 360‑50(3) and (4) continue to apply unchanged.
 (3) In such a case, treat subsection 360‑50(5) as if it read as follows:
"If the partnership has