Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p2
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 2/17)
Character Range: 567703–570367

year equal to the amount of that deduction.
 (4B) The amount is an amount equal to the partner's proportion of the following:

where:
adjusted section 40‑285 amount means so much of the section 40‑285 amount as does not exceed the total decline in value.
sum of new law deductions means the sum of each partner's deductions under section 355‑520 of the new Act mentioned in subsection (4A) of this section.
total decline in value means the asset's cost, less its adjustable value, worked out under Division 40 of the new Act as it applies as described in subsection (2) of this section.

Normal rules do not apply for the asset and the event
 (5) Neither of the following sections:
 (a) section 355‑525 of the new Act;
 (b) former section 73BF of the old Act (as that section applies because of Part 2 of Schedule 4 to the Tax Laws Amendment (Research and Development) Act 2011);
to the extent that they would otherwise apply apart from this section to the partner for the event, do so apply to the partner for the event.
Note 1: Section 355‑525 of the new Act would otherwise apply for the event in a case where the partner had new law deductions.
Note 2: Former section 73BF of the old Act may otherwise apply for the event in respect of the old law deductions.

355‑340  Balancing adjustment—tax exempt entities that become taxable
  Item 7 of the table in subsection 57‑110(2) in Schedule 2D to the Income Tax Assessment Act 1936 applies as if the deduction rules set out in the final column of that item also included former sections 73BA and 73BH of the Income Tax Assessment Act 1936.

Subdivision 355‑F—Integrity rules

Table of sections
355‑415 Expenditure reduced to reflect group mark‑ups

355‑415  Expenditure reduced to reflect group mark‑ups
  For the purposes of step 1 of the method statement in subsection 355‑415(2) of the Income Tax Assessment Act 1997, also disregard amounts that have already been taken into account under former subsection 73B(14AA) of the Income Tax Assessment Act 1936 for the R&D entity, the grouped entity and the R&D activities for an earlier income year.

Subdivision 355‑K—Modified application of the old R&D law

Table of sections
355‑550 Prepayments of R&D expenditure extending into the 2011‑12 income year

355‑550  Prepayments of R&D expenditure extending into the 2011‑12 income year

Advance R and D expenditure
 (1) This section applies if, apart from former paragraph 73B(10)(a) of the Income Tax Assessment Act 1936, an eligible company could deduct advance R and D expenditure in one or more income years commencing on or after 1 July 2011.
Note: That deduction would be under former section 73B of that Act