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Computation of enhanced deduction or allowance for qualifying persons for YA2017 and YA2018, who do not meet qualifying conditions in YA2015 and YA2016

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

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—(1) This regulation applies to a qualifying person for the year of assessment 2017 or 2018, who does not meet the qualifying conditions in both the years of assessment 2015 and 2016 because of the person’s failure to satisfy regulation 2(2)(a), (b), (c), (d) or (e) (whichever is applicable).(2) In computing the enhanced deduction or allowance under a PIC provision (except section 14DA(2) of the Act) for a qualifying person for qualifying expenditure incurred in the basis period for the year of assessment 2017 or 2018, the affected amount in the PIC provision is to be substituted with —(a)for the year of assessment 2017, a sum (X) that is the lower of the following:(i)the amount of the qualifying expenditure incurred in the basis period for the year of assessment 2017;(ii)the balance after deducting from $1,600,000 a sum (Y) that is the lower of the following:(A)the amount of the same description of qualifying expenditure incurred in the basis period for the year of assessment 2016;(B)$1,200,000; and(b)for the year of assessment 2018, the lower of the following:(i)the amount of the qualifying expenditure incurred in the basis period for the year of assessment 2018;(ii)the balance after deducting from $1,600,000, the sum X and the sum Y.(3) If the qualifying person does not carry on any trade, profession or business in the basis period for the year of assessment 2016, the references to “$1,600,000” in paragraph (2)(a)(ii) and (b)(ii) are each to be substituted with “$1,200,000”.(4) If the qualifying person does not carry on any trade, profession or business in the basis period for the year of assessment 2018, the references to “$1,600,000” and “$1,200,000” in paragraph (2)(a)(ii) are to be substituted with “$1,000,000” and “$800,000”, respectively.(5) 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 2018, the balance referred to in paragraph (2)(a)(ii) is to be substituted with “$600,000”.(6) To avoid doubt, if the qualifying person does not carry on any trade, profession or business in the basis period for the year of assessment 2016, no deduction is to be made under paragraph (2)(a)(ii) or (b)(ii) of the sum Y.

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