CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-20
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TAX OFFSETS
History
Pt 2-20 inserted by No 56 of 1997.
Division 61
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Generally applicable tax offsets
History
Div 61 inserted by No 56 of 1997.
Subdivision 61-P
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ESVCLP tax offset
History
Subdiv 61-P inserted by No 54 of 2016, s 3 and Sch 2 item 2, applicable in relation to contributions made on or after 1 July 2016 to an ESVCLP that became registered, under subsection
13-1(1A)
of the
Venture Capital Act 2002
, on or after 7 December 2015 (whether or not it was conditionally registered, under subsection
13-5(1A)
of that Act, before that day). No 54 of 2016, s 3 and Sch 2 item 5 contains the following provision:
5 Contributions made to ESVCLPs in previous income years
5
Subdivision 61-P of the
Income Tax Assessment Act 1997
as added by this Part, and item 4 of this Part, apply in relation to the first income year starting on or after 1 July 2016 (the
initial income year
) as if:
(a)
any contribution that a limited partner of an ESVCLP made to the ESVCLP during an earlier income year were made during the initial income year; and
(b)
any eligible venture capital investments made by the ESVCLP:
(i)
during an earlier income year; and
(ii)
after the first contribution made by the partner to the ESVCLP;
were made during the initial income year.
Operative provisions
SECTION 61-775
61-775
Amount of the ESVCLP tax offset
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trustees
If subsection
61-760(3)
applies, the amount of the *tax offset for the income year is the difference between:
(a)
what would, under section
61-765
, have been the amount of the tax offset to which the trust would have been entitled if it had been an individual; and
(b)
if *members of the trust are entitled to tax offsets under subsection
61-760(2)
arising from the same contributions from which the trustee
'
s entitlement arises under subsection
61-760(3)
-
the sum of the amounts, under section
61-770
, of those tax offsets.
History
S 61-775 inserted by No 54 of 2016, s 3 and Sch 2 item 2, applicable in relation to contributions made on or after 1 July 2016 to an ESVCLP that became registered, under subsection
13-1(1A)
of the
Venture Capital Act 2002
, on or after 7 December 2015 (whether or not it was conditionally registered, under subsection
13-5(1A)
of that Act, before that day). See note under Subdiv
61-P
heading.