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Modification of manner of computing deduction under section 14DA of Act for qualifying persons referred to in regulation 10

Income Tax (Productivity and Innovation Credit Plus Scheme) Regulations 2015

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—(1) In computing the enhanced deduction under section 14DA(2) of the Act for a qualifying person referred to in regulation 10(1), for qualifying expenditure for that section incurred in the basis period for the year of assessment 2018, the specified amount in section 14DA(4) of the Act is to be substituted with the amount derived by the following formula:$1,400,000-the subsection (2) amounts for the years of assessment 2016 and 2017.(2) If the qualifying person does not carry on any trade, profession or business in the basis period for either of the years of assessment 2016 and 2017, the reference to “$1,400,000” in paragraph (1) is to be substituted with “$1,000,000”.(3) If the qualifying person does not carry on any trade, profession or business in the basis periods for both the years of assessment 2016 and 2017, the reference to “$1,400,000” in paragraph (1) is to be substituted with “$600,000”.(4) To avoid doubt, no deduction is to be made under the formula in paragraph (1) of the subsection (2) amount for any year of assessment if the qualifying person does not carry on any trade, profession or business in the basis period for that year of assessment.

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