myTax 2025 Early stage venture capital limited partnership

Things to know

Complete this section 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 carried forward from an earlier year.

You're entitled to the ESVCLP tax offset if you contributed to an ESVCLP in 2024–25 and you're:

a limited partner of the ESVCLP
a partner of a partnership or a beneficiary of a trust which is a limited partner of the ESVCLP.

For more information on ESVCLPs, see Venture capital and early stage venture capital limited partnerships.

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 be carried forward will show on your notice of assessment for the year ended 30 June 2025.

Completing this section

You may need:

Your notice of assessment or amended notice of assessment for the year ended 30 June 2024 that should show if you have any unused ESVCLP tax offset that you carried forward to 2024–25.
Written notification from a partnership or trustee of a trust to allow you to work out your share of the ESVCLP tax offset, if you're a partner in a partnership or a beneficiary of a trust which has contributed to an ESVCLP in 2024–25.
If you don't have a written notification, contact the partnership or the trustee.

We pre-fill your tax return with your Tax offset carried forward from previous year amount, if applicable.

We have shown any current year early stage venture capital limited partnership tax offset you've shown in the Managed fund and trust distributions section.

To personalise your tax return to show early stage venture capital limited partnership tax offset, at Personalise return select:

You are claiming tax offsets or adjustments
Other tax offsets

To show early stage venture capital limited partnership tax offset, at Prepare return select 'Add/Edit' at the Offsets banner.

Use the following steps to work out your tax offset and show it at the Early stage venture capital limited partnership heading:

In 2024–25, were you either a
- limited partner of an ESVCLP
- partner in a partnership or a beneficiary of a trust which has contributed to an ESCVLP?
  No – go to step 3.
  Yes – go to Working out your current year tax offset.
Enter the amount from row c in Worksheet 1 at Current year tax offset.
Do you have any ESVCLP tax offset carried forward from previous year?
No – go to step 5.
Yes – go to Working out the tax offset amount you carried forward from a previous year.
Enter the amount from row g in Worksheet 2 at Tax offset carried forward from previous year.
Select Save and continue when you have completed the Offsets section.

Working out your current year 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 trust.

The ESVCLP must have become unconditionally registered on or after 7 December 2015.

Work out your amount of ESVCLP tax offset by referring to ESVCLP tax incentives and concessions.

Step 1: Tax offset entitlement as limited partner of 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), and
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.

If you made more than one contribution in 2024–25, add up the total amount.

Show the amount you worked out at row a in Worksheet 1.

Go to step 2.

Step 2: Your entitlements to any ESVCLP tax offset from a trust or partnership

Show your entitlements to any ESVCLP tax offset during 2024–25 as a beneficiary of a trust or a partner in a partnership at row b in Worksheet 1.

Don't include amounts already shown at the Managed fund and trust distributions section.

Go to step 3.

Step 3: Current year tax offset

Add row a and row b in Worksheet 1.

Return to step 2 in Completing this section.

Worksheet 1
Row	Description	Amount
a	The tax offset worked out at step 1	$
b	Entitlements to any ESVCLP tax offsets during 2024–25 as a beneficiary of a trust or a partner in a partnership	$
c	Add row a and row b	$

Working out the tax offset amount you carried forward from a previous year

Follow these steps to work out the tax offset amount you carried forward from a previous year.

Step 1: Unused ESVCLP tax offset carried forward from a previous year

Show the amount of any unused ESVCLP tax offset you carried forward from a previous year at row d in Worksheet 2 below. The carried forward amount should be shown on your notice of assessment or amended notice of assessment for the year ended 30 June 2024.

Go to step 2.

Step 2: Unused net exempt income

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.

Exempt income is explained in Amounts that you do not pay tax on.

Do you have any unused net exempt income?

No – go to step 4.
Yes – show the amount of unused net exempt income at row e in Worksheet 2. Go to step 3.

Step 3: Multiply unused net exempt income by 30%

The unused ESVCLP tax offset you carried forward from a previous year is reduced by $0.30 for every dollar of unused net exempt income, provided you had taxable income for that year.

Multiply the unused net exempt income from row e by 30%. Show that amount at row f in Worksheet 2. Go to step 4.

Note: If you have unused net exempt income and are unsure how to calculate the ESVCLP tax offset carried forward from a previous year, for more information:

contact us
use 'Live chat', available within myTax by selecting the Live chat button.

Step 4: Calculate carried forward tax offset from previous year

Subtract row f from row d in Worksheet 2.

This is the amount of unused ESVCLP tax offset carried forward from the previous year, reduced by any net exempt income.

Return to step 4 in Completing this section.

Worksheet 2
Row	Description	Amount
d	Unused ESVCLP tax offset carried forward from the previous year	$
e	Unused net exempt income	$
f	Multiply row e by 30%	$
g	Subtract row f from row d	$