Document ID: chunk:federal_register_of_legislation:C2024C00267:section:2:p3
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 2 (pt 3/3)
Character Range: 562520–564145

the asset;
 (ii) the partner chooses tax offsets under former section 73I of the old Act instead of deductions (also the old law deductions) under those former sections for one or more income years for the asset; and
 (d) the partner is registered under section 27A of the Industry Research and Development Act 1986 for one or more R&D activities for the event year; and
 (e) if Division 40 of the new Act applied as described in subsection (2) of this section:
 (i) the R&D partnership could deduct for the event year an amount under subsection 40‑285(2) of that Act for the asset and the balancing adjustment event; or
 (ii) an amount would be included in the R&D partnership's assessable income for the event year under subsection 40‑285(1) of that Act for the asset and the balancing adjustment event.
Note 1: This section applies even if the partner is entitled under section 355‑100 of the new Act to tax offsets for one or more income years for deductions under section 355‑520 of that Act for the asset.
Note 2: Section 40‑293 of this Act may apply if paragraph (c), but not paragraph (b), of this subsection is satisfied.

Changed application of Division 40
 (2) For the purposes of paragraph (1)(e), assume that Division 40 of the new Act applied with the changes described in section 355‑310 of that Act, but with these changes to that section:

Changes to be made to section 355‑310 of the new Act
Item                                                  For a reference in section 355‑310 to...                                                                                             substitute a reference to...