Document ID: chunk:federal_register_of_legislation:C2014C00703:clause:1_4:p6
Version: federal_register_of_legislation:C2014C00703
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 6/7)
Character Range: 71539–74151

despite section 170 of the Income Tax Assessment Act 1936, the Commissioner may amend the R&D entity's assessment for an income year affected by the finding at any time for the purposes of giving effect to the finding.
 (2) However, the Commissioner may only do so within 2 years after the Commissioner is given the certificate if giving effect to the finding would increase the R&D entity's liability.

Dealing with key decisions of Innovation Australia and others
 (3) If:
 (a) an internal review decision (the key decision) under subsection 30D(2) of the Industry Research and Development Act 1986 relates to an *R&D entity; or
 (b) a decision (also the key decision) under the Administrative Appeals Tribunal Act 1975:
 (i) varies a decision covered by paragraph (a); or
 (ii) sets aside a decision covered by paragraph (a), whether or not that key decision also includes a decision made in substitution for the decision covered by paragraph (a); or
 (c) a decision (also the key decision) of a court is about:
 (i) a decision under Part III of the Industry Research and Development Act 1986 relating to an R&D entity; or
 (ii) a decision covered by paragraph (b);
despite section 170 of the Income Tax Assessment Act 1936, the Commissioner may amend the R&D entity's assessment for an income year affected by the key decision at any time for the purposes of giving effect to that decision.

355‑715  Implications for other deductions and tax offsets
 (1) If an *R&D entity is entitled under section 355‑100 to a *tax offset for an income year for expenditure it can deduct under section 355‑205, 355‑480 or 355‑580, that expenditure:
 (a) cannot be taken into account by any entity in working out a deduction under any other Division of this Act for any income year; and
 (b) cannot be taken into account by any entity in working out a tax offset under any other Division of this Act for any income year.
Note: Section 355‑205 is about R&D expenditure, section 355‑480 is about earlier year associate R&D expenditure, and section 355‑580 is about CRC contributions.
 (2) If an *R&D entity is entitled under section 355‑100 to a *tax offset for an income year for a deduction under section 355‑305, 355‑315, 355‑520 or 355‑525 of an amount equal to the decline in value of an asset, that decline in value:
 (a) cannot be taken into account by any entity in working out a deduction under any other Division of this Act (other than section 40‑292 or 40‑293) for any income year; and
 (b) cannot be taken into account by any entity in working out a tax offset under any other Division of this Act for any income