6AApproved plant and equipment and approved research and development

#### 6A Approved plant and equipment and approved research and development Outline of what approved plant and equipment and approved research and development is (1) There are 2 aspects to approved plant and equipment or approved research and development: (a) firstly, the plant and equipment or research and development must be allowable plant and equipment or allowable research and development; and (b) secondly, the allowable plant and equipment or allowable research and development is only allowed to a given value—the maximum claimable value in respect of that plant and equipment or research and development. Meaning of defined terms relating to approved plant and equipment or approved research and development (2) In this Act: > allowable, in relation to plant and equipment or research and development, means plant and equipment or research and development of a kind declared by the regulations to be allowable. > approved plant and equipment means allowable plant and equipment of the maximum claimable value allowed. > approved research and development means allowable research and development of the maximum claimable value allowed. > maximum claimable value, in relation to allowable plant and equipment or allowable research and development of a kind, means a value in respect of the allowable plant and equipment or the allowable research and development either: (a) worked out using a particular method set out in the regulations in respect of that kind of allowable plant and equipment or allowable research and development; or (b) stated in the regulations in respect of that kind of allowable plant and equipment or allowable research and development. Regulations may provide for certain matters relating to plant and equipment (3) The regulations may provide for: (a) the kinds of plant and equipment that are allowable plant and equipment under this Act; and (b) in respect of each kind of allowable plant and equipment, either: (i) the method of calculating the maximum claimable value of that kind of allowable plant and equipment for the purposes of this Act; or (ii) the amount that is to be the maximum claimable value in relation to that kind of allowable plant and equipment for the purposes of this Act. Regulations may provide for certain matters relating to research and development (4) The regulations may provide for: (a) the kinds of research and development that are allowable research and development under this Act; and (b) in respect of each kind of allowable research and development, either: (i) the method of calculating the maximum claimable value of that kind of allowable research and development for the purposes of this Act; or (ii) the amount that is to be the maximum claimable value in relation to that kind of allowable research and development for the purposes of this Act.