Document ID: chunk:federal_register_of_legislation:C2021C00270:clause:5_29:p7
Version: federal_register_of_legislation:C2021C00270
Segment Type: clause
Provision Reference: sch 5 cl 29 (pt 7/10)
Character Range: 78143–80871

were a reference to that amount as so adjusted.

Subdivision 355‑H—Catch up deductions for balancing adjustment events for assets used for R&D activities

Guide to Subdivision 355‑H

355‑455  What this Subdivision is about

      An R&D entity can deduct an amount under this Subdivision if:
             (a) a balancing adjustment event happens for an asset held by the R&D entity (or an R&D partnership in which the R&D entity is a partner); and
             (b) tax offsets have been obtained under this Division for deductions for the asset; and
             (c) the R&D entity (or the R&D partnership) can otherwise deduct an amount for the asset and the balancing adjustment event.

Table of sections

Operative provisions
355‑460 When this Subdivision applies
355‑465 Assets only used for R&D activities
355‑466 Assets partially used for R&D activities
355‑467 R&D partnership assets only used for R&D activities
355‑468 R&D partnership assets partially used for R&D activities
355‑475 Amount that can be deducted

Operative provisions

355‑460  When this Subdivision applies
  This Subdivision applies to an *R&D entity for an income year (the present year) if:
 (a) the R&D entity has an amount (a catch up amount) under section 355‑465, 355‑466, 355‑467 or 355‑468 for an asset for the present year; and
 (b) the R&D entity has received, or is entitled to receive, a *tax offset under section 355‑100 for one or more income years (each an offset year) in relation to the asset.

355‑465  Assets only used for R&D activities
 (1) The *R&D entity has an amount under this section if:
 (a) a *balancing adjustment event happens in the present year for an asset *held by the R&D entity; and
 (b) the R&D entity cannot deduct, for the asset for an income year, an amount under section 40‑25 as that section applies apart from:
 (i) this Division; and
 (ii) former section 73BC of the Income Tax Assessment Act 1936; and
 (c) the R&D entity is entitled under section 355‑100 to *tax offsets for one or more income years for deductions under section 355‑305 for the asset; and
 (d) the R&D entity is registered under section 27A of the Industry Research and Development Act 1986 for one or more *R&D activities for the present year; and
 (e) the R&D entity can deduct, for the present year, an amount under subsection 355‑315(2) for the asset and the balancing adjustment event.
Note 1: This section applies in a modified way if the entity also has deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 355‑320 of the Income Tax (Transitional Provisions) Act 1997).
Note 2: Section 40‑292 applies if the entity can deduct an amount under section 40‑25, as that section