Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A * tax offset to which an * R&D entity is entitled under section 355-100 (about R&D) for an income year is subject to the refundable tax offset rules if the amount of the tax offset is worked out using the percentage in item 1 of the table in subsection 355-100(1).
Note 1: Otherwise, the tax offset will be a non-refundable tax offset (see item 35 of the table in subsection 63-10(1)).
Note 2: This subsection can apply to an entitlement under subsection 355-100(1) or (2).
(2) Without limiting its effect apart from this subsection, subsection (1) also has the effect it would have if:
(a) subsection (3) had not been enacted; and
(b) the reference in subsection (1) to an * R&D entity were, by express provision, confined to an R&D entity that:
(i) is a * constitutional corporation; or
(ii) has its registered office (within the meaning of the Corporations Act 2001 ) or principal place of business (within the meaning of that Act) located in a Territory.
(3) Without limiting its effect apart from this subsection, subsection (1) also has the effect it would have if:
(a) subsection (2) had not been enacted; and
(b) this Act applied so that * tax offsets under section 355-100 could only be worked out in respect of * R&D activities conducted or to be conducted:
(i) solely in a Territory; or
(ii) solely outside of Australia; or
(iii) solely in a Territory and outside of Australia; or
(iv) for the dominant purpose of supporting * core R&D activities conducted, or to be conducted, solely in a Territory.
Table of Subdivisions
Guide to Division 70
70-A What is trading stock
70-B Acquiring trading stock
70-C Accounting for trading stock you hold at the start or end of the income year
70-D Assessable income arising from disposals of trading stock and certain other assets
70-E Miscellaneous
Guide to Division 70