Section DB 33 — Income Tax Act 2007: Scientific research

DB 33 Scientific research Deduction: scientific research (1) A person is allowed a deduction for expenditure they incur in connection with scientific research that they carry on for the purpose of deriving their assessable income. Exclusion (2) Subsection (1) does not apply to expenditure that the person incurs on an asset that— (a) is not created from the scientific research; and (b) is an asset for which they have an amount of depreciation loss for which— (i) they are allowed a deduction; or (ii) they would have been allowed a deduction but for the Commissioner’s considering that incomplete and unsatisfactory accounts were kept by or for them. Link with subpart DA (3) This section supplements the general permission and overrides the capital limitation. The other general limitations still apply. Defined in this Act: amount , assessable income , capital limitation , Commissioner , deduction , depreciation loss , general limitation , general permission , supplement , Compare: 2004 No 35 s DB 25