Document ID: chunk:federal_register_of_legislation:C2021C00270:clause:4_9
Version: federal_register_of_legislation:C2021C00270
Segment Type: clause
Provision Reference: sch 4 cl 9
Character Range: 52951–53478

9  Subsection 355‑100(3)
Repeal the subsection (including the note), substitute:

If notional deductions exceed $150 million
 (3) Despite subsections (1) and (1A), if the total amount mentioned in subsection (1) exceeds $150 million, the *R&D entity is instead entitled to a *tax offset for the income year equal to the sum of:
 (a) the amount worked out in accordance with those subsections as if that amount were $150 million; and
 (b) the product of the excess and the R&D entity's *corporate tax rate for the income year.