Section 355 — Income Tax Assessment Act 1997 (Cth)

An R&D entity may be entitled to a tax offset for R&D activities. The tax offset may be a refundable tax offset if the R&D entity’s aggregated turnover is less than $20 million.

To be entitled to the tax offset, the R&D entity needs one or more notional deductions under this Division.

There are 2 main kinds of notional deductions. One is for expenditure on R&D activities. The other is for the decline in value of tangible depreciating assets used for R&D activities.

Note: All of these notional deductions require the R&D entity to be registered for the R&D activities under Part III of the Industry Research and Development Act 1986.

Related sections

• s 321 — ‑10  Assessable income to include amount for reduction in adjusted liability for incurred claims
• s 322 — ‑1  What this Division is about
• s 328 — ‑5  What this Division is about
• s 360 — ‑5  What this Subdivision is about
• s 376 — ‑1  What this Division is about
• s 378 — ‑1  What this Division is about

Research how courts apply s 355

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.