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

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 2018, who does not meet the qualifying conditions in all of the years of assessment 2015, 2016 and 2017 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 2018, the affected amount in the PIC provision is to be substituted with the lower of the following:(a)the amount of the qualifying expenditure incurred in the basis period for the year of assessment 2018;(b)the balance after deducting from $1,400,000 both of the following:(i)a sum (X) 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;(ii)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 2017; (B)the balance after deducting from $1,200,000 the sum X.(3) If the qualifying person does not carry on any trade, profession or business during the basis period for either of the years of assessment 2016 and 2017, the references to “$1,400,000” and “$1,200,000” in paragraph (2)(b) are to be substituted with “$1,000,000” and “$800,000”, respectively.(4) If the qualifying person does not carry on any trade, profession or business during the basis periods for both the years of assessment 2016 and 2017, the balance referred to in paragraph (2)(b) is to be substituted with “$600,000”.(5) To avoid doubt —(a)if the qualifying person does not carry on any trade, profession or business during the basis period for the year of assessment 2016, no deduction is to be made under paragraph (2)(b) of the sum X; and(b)if the qualifying person does not carry on any trade, profession or business during the basis period for the year of assessment 2017, no deduction is to be made under paragraph (2)(b) of the sum Y.

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