Document ID: chunk:federal_register_of_legislation:C2021C00098:clause:1_3
Version: federal_register_of_legislation:C2021C00098
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 8671–10094

3                                                                    any amount to include in the *R&D entity's assessable income for the present year under section 355‑465                                                     paragraph 355‑465(1)(b)                                   those excess year deductions

Note 1: Item 2 is about R&D recoupments and item 3 is about feedstock adjustments.
Note 2: Reducing the amount in column 3 will reduce the amount in column 1.
 (3) The *R&D entity's circumstances may allow it to choose multiple reductions under subsection (2) for the present year. The total of any reductions cannot be more than the amount of its excess under subsection 355‑100(3) for the excess year.
 (4) The way an *R&D entity prepares its income tax returns is sufficient evidence of the making of a choice under this section.
 (5) A choice under this section is irrevocable.

355‑750  Review of rate when notional deductions exceed $100 million
 (1) The Minister must cause a review of the operation of subsection 355‑100(3) (about the rate of tax offset when notional deductions exceed $100 million) to be undertaken as soon as possible after the fifth anniversary of the commencement of that subsection.
 (2) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of receiving it.

Income Tax (Transitional Provisions) Act 1997