Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p12
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 12/18)
Character Range: 5210164–5212758

up amount) under section 355‑465, 355‑466, 355‑467 or 355‑468 for an asset for the present year; and
 (b) the R&D entity has received, or is entitled to receive, a *tax offset under section 355‑100 for one or more income years (each an offset year) in relation to the asset.

355‑465  Assets only used for R&D activities
 (1) The *R&D entity has an amount under this section if:
 (a) a *balancing adjustment event happens in the present year for an asset *held by the R&D entity; and
 (b) the R&D entity 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
 (c) the R&D entity is entitled under section 355‑100 to *tax offsets for one or more income years for deductions under section 355‑305 for the asset; and
 (d) the R&D entity 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
 (e) the R&D entity can deduct, for the present year, an amount under subsection 355‑315(2) for the asset and the balancing adjustment event.
Note 1: This section applies in a modified way if the entity also has deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 355‑320 of the Income Tax (Transitional Provisions) Act 1997).
Note 2: Section 40‑292 applies if the entity can deduct an amount under section 40‑25, as that section applies apart from this Division and former section 73BC of the Income Tax Assessment Act 1936.
 (2) The amount is an amount equal to the amount mentioned in paragraph (1)(e).

355‑466  Assets partially used for R&D activities
 (1) The *R&D entity has an amount under this section if:
 (a) a *balancing adjustment event happens in the present year for an asset *held by the R&D entity for which:
 (i) the R&D entity 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 entity could have deducted, for an income year, an amount as described in subparagraph (i) if the R&D entity had used the asset; and
 (b) the R&D entity is entitled under section 355‑100 to *tax offsets for one or more 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.