Things you need to know
You may be able to claim the early stage venture capital limited partnership (ESVCLP) tax offset if one or both of the following applies:
- you're entitled to the ESVCLP tax offset in 2024–25
- you have an amount of unused ESVCLP tax offset you carry forward from an earlier year.
If don't have an early stage venture capital limited partnership tax offset to claim, go to question T8 Early stage investor 2025.
Work out your tax offset
Your 2024–25 ESVCLP tax offset is the sum of the tax offsets you work out using your contributions to the ESVCLP either:
- as a limited partner of the ESVCLP
- through a partnership or a trust.
The ESVCLP must have become unconditionally registered on or after 7 December 2015.
If you're a limited partner of an ESVCLP, your amount of the tax offset for each contribution in the ESVCLP is 10% of the lesser of the following:
- your total contribution to the ESVCLP during 2024–25 (certain exclusions apply)
- your share (your interest in the entire capital of the ESVCLP at the end of 2024–25) of the sum of eligible venture capital investments made by the ESVCLP during the period from the start of 2024–25 and ending 2 months after the end of 2024–25.
Work out your amount of the ESVCLP tax offset by referring to ESVCLP tax incentives and concessions.
If you're a partner in a partnership or a beneficiary of a trust that contributes to an ESVCLP, you may be entitled to an amount of ESVCLP tax offset. The partnership or the trustee of the trust must provide you with written notification to allow you to work out your share of the tax offset. If you don't have a written notification, contact the partnership or the trustee.
This tax offset is non-refundable, however you can carry it forward if it isn't fully utilised in 2024–25. Any amount of unused tax offset available to carry forward will show on your notice of assessment for the year ended 30 June 2025.
Work out the tax offset amount you carry forward from a previous year
Your notice of assessment or amended notice of assessment for the year ended 30 June 2024 should show if you have any unused ESVCLP tax offset that you carry forward to 2024–25.
Do you have an amount of unused ESVCLP tax offset on your notice of assessment or amended notice of assessment for the year ended 30 June 2024?
- No – Go to Completing your supplementary tax return.
- Yes – Read on.
The unused ESVCLP tax offset you carry forward from the previous year may need to be adjusted for any net exempt income. For an explanation of exempt income, see Amounts that you don't pay tax on 2025.
The unused ESVCLP tax offset you carry forward from a previous year is reduced by $0.30 for every dollar of unused net exempt income, if you have taxable income for that year. Unused net exempt income is any net exempt income left after deducting any tax losses of earlier income years from that year's net exempt income.
For more information on ESVCLPs, see Venture capital and early stage venture capital limited partnerships.
If you have unused net exempt income and are unsure how to calculate the ESVCLP tax offset carried forward from a previous year, contact us. Otherwise, read on.
Completing your supplementary tax return
Write your 2024–25 tax offset at question T7 – label K. Don't show cents.
Write the amount of unused ESVCLP tax offset you carry forward from 2023–24, reduced by any net exempt income, at question T7 – label M. Don't show cents.
Where to go next
- Go to question T8 Early stage investor 2025.
- Return to main menu Individual supplementary tax return instructions 2025.
- Go back to question T6 Landcare and water facility 2025.