Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p13
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 13/18)
Character Range: 5212505–5215162

income years for deductions (the R&D deductions) under section 355‑305 for the asset; and
 (c) the R&D entity can deduct an amount (the section 40‑285 amount) for the asset under section 40‑285 (after applying subsection 40‑292(2)) for the present year.
Note: This section applies in a modified way if you have deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 40‑292 of the Income Tax (Transitional Provisions) Act 1997).
 (2) The amount is worked out as follows:
where:
total decline in value means the *cost of the asset less its *adjustable value.

355‑467  R&D partnership assets only used for R&D activities
 (1) The *R&D entity (the partner) has an amount under this section if:
 (a) the partner is a partner in an *R&D partnership; and
 (b) a *balancing adjustment event happens in the present year for an asset *held by the *R&D partnership; and
 (c) the R&D partnership 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
 (d) the partner is entitled under section 355‑100 to *tax offsets for one or more income years for deductions under section 355‑520 for the asset; and
 (e) the partner 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
 (f) the partner can deduct an amount under subsection 355‑525(2) for the present year for the asset and the balancing adjustment event.
 (2) The amount is an amount equal to the amount mentioned in paragraph (1)(f).

355‑468  R&D partnership assets partially used for R&D activities
 (1) The *R&D entity (the partner) has an amount under this section if:
 (a) the partner is a partner in an *R&D partnership; and
 (b) a *balancing adjustment event happens in the present year for a *depreciating asset *held by the R&D partnership and for which:
 (i) the R&D partnership can deduct, for an income year, an amount under section 40‑25, as that section applies apart from Division 355 and former section 73BC of the Income Tax Assessment Act 1936; or
 (ii) the R&D partnership could have deducted, for an income year, an amount as described in subparagraph (i) if it had used the asset; and
 (c) one or more partners (including the partner) in the R&D partnership are entitled under section 355‑100 to *tax offsets for one or more income years for deductions under section 355‑520 for the asset; and
 (d) the R&D partnership can deduct an amount (the section 40‑285 amount) for the asset under section