Section 53
Crediting of IIA
of Economic Expansion Incentives (Relief from Income Tax) Act 1967
(1)
Where any IIA is given to a company for an approved project from which only normal income is derived in any year of assessment, the IIA is to be credited to an account (to be called a normal IIA account) which must be kept by the company for the purposes of this Part.
(2)
Where any IIA is given to a company for an approved project from which only concessionary income is derived in any year of assessment, the IIA is to be credited to an account (to be called a concessionary IIA account) which must be kept by the company for the purposes of this Part.
(3)
Where a company derives both normal income and concessionary income from an approved project in any year of assessment, the IIA is to be credited wholly to a normal IIA account or wholly to a concessionary IIA account as the Minister, or such person as the Minister may appoint, may direct.
(4)
The direction under subsection (3) may be given to a company at any time from (and including) the date of the approval letter issued to the company.[97ZD