Document ID: chunk:federal_register_of_legislation:C2014C00703:clause:4_12:p4
Version: federal_register_of_legislation:C2014C00703
Segment Type: clause
Provision Reference: sch 4 cl 12 (pt 4/4)
Character Range: 199636–200820

the new Act (after applying subsection (2) of this section) for the event year;
is taken to be increased under section 40‑293 of the new Act by the following amount:
where:
adjusted section 40‑285 amount means:
 (a) if the section 40‑285 amount is a deduction—the amount of the deduction; or
 (b) if the section 40‑285 amount is an amount included in the R&D partnership's assessable income—so much of the section 40‑285 amount as does not exceed the total decline in value.
old law 1.25 rate deductions means the sum of the partners' notional Division 40 deductions, and notional Division 42 deductions, (if any) for the asset that were multiplied by 1.25 in working out the old law deductions.
total decline in value means the cost of the asset less its adjustable value.

Normal rules do not apply for the asset and the event
 (4) Section 40‑293 of the new Act, to the extent that it would otherwise apply apart from this section to the R&D partnership or its partners for the event, does not so apply to the R&D partnership and the partners for the event.
Note: Section 40‑293 of the new Act would otherwise apply for the event in a case where the partners had new law deductions.