Income Tax Assessment Act 1997
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Hide history noteSECTION 210-175 Amount of the tax offset
Where the recipient is not a life insurance company
210-175(1)
If the entity receiving the *distribution is not a *life insurance company, the *tax offset is equal to the *venture capital credit on the distribution.
Where the recipient is a life insurance company
210-175(2)
If the entity receiving the *distribution is a *life insurance company, the *tax offset is worked out using the formula:
| Tax offset to which
the entity would otherwise be entitled |
× | *Complying superannuation
class of taxable income Total income |
where:
complying superannuation class of taxable income
means the *complying superannuation class of taxable income of the company for the income year in which the *distribution is made.
complying superannuation/FHSA class of taxable income
(Repealed by No 70 of 2015)
tax offset to which the entity would otherwise be entitled
is the *tax offset that the company would be entitled to under subsection (1) if the entity were not a life insurance company.
total income
is the company
'
s assessable income for the income year.
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