Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS  

Division 61 - Generally applicable tax offsets  

Subdivision 61-P - ESVCLP tax offset  

Operative provisions

SECTION 61-760   Who is entitled to the ESVCLP tax offset  

General case

61-760(1)    
A *limited partner of an *ESVCLP is entitled to a *tax offset for an income year if:

(a) the partner contributes to the ESVCLP during the income year; and

(b) the partner is not a trust or partnership.

Members of trusts or partnerships

61-760(2)    
A *member of a trust or partnership is entitled to a *tax offset for an income year if the trust or partnership would be entitled to a tax offset, under this section, for the income year if it were an individual.

Trustees

61-760(3)    
A trustee of a trust is entitled to a *tax offset for an income year if:

(a) the trust would be entitled to a tax offset, under this section, for the income year if it were an individual; and

(b) in a case where the trustee has determined percentages under subsection 61-770(2) in relation to the *members of the trust - the sum of those percentages is not 100%; and

(c) the trustee is liable to be assessed or has been assessed, and is liable to pay *tax, on a share of, or all or a part of, the trust ' s *net income under section 98 , 99 or 99A of the Income Tax Assessment Act 1936 for that income year.