Income Tax Assessment Act 1997
If subsection 61-760(2) applies, the amount of the *member ' s *tax offset for the income year is as follows:
Determined share of notional tax offset × Notional tax offset amount
notional tax offset amount
is what would, under section 61-765 , have been the amount of the trust ' s or partnership ' s *tax offset (the notional tax offset ) if the trust or partnership had been an individual.
The trustee or partnership may determine the percentage of the notional tax offset that is the *member ' s share of the notional tax offset. 61-770(3)
If, under the terms and conditions under which the trust or partnership operates, the *member would be entitled to a fixed proportion of any *capital gain from a *disposal:
(a) relating to the trust or partnership; and
(b) of investments made as a result of the contributions that gave rise to the notional tax offset; and
(c) happening at the end of the income year to which the notional tax offset relates;
the percentage determined under subsection (2) must be equivalent to that fixed proportion, and a determination of any other percentage has no effect.
The trustee or partnership must give the *member written notice of the determination. The notice:
(a) must enable the member to work out the amount of the member ' s *tax offset by including enough information to enable the member to work out the member ' s share of the notional tax offset; and
(b) must be given to the member within 3 months after the end of the income year, or within such further time as the Commissioner allows. 61-770(5)
The sum of all the percentages determined under subsection (2) in relation to the *members of the trust or partnership must not exceed 100%.