Income Tax Assessment Act 1997
The recipient of a *distribution *franked with a venture capital credit is entitled to a *tax offset for the income year in which the distribution is made if:
(a) the recipient is a relevant venture capital investor; and
(b) the recipient is not:
(i) a partnership; or
(ii) a trustee (other than the trustee of a *complying superannuation entity, a *non-complying superannuation fund or a *non-complying approved deposit fund); and
(c) the recipient satisfies the *residency requirement for an entity receiving a distribution; and
(d) the distribution is not *exempt income of the recipient (ignoring section 124ZM of the Income Tax Assessment Act 1936 ); and
(e) the recipient is a qualified person in relation to the distribution for the purposes of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936 ; and
(f) the distribution is not part of a *dividend stripping operation; and
(g) the Commissioner has not made a determination under paragraph 204-30(3)(c) that no *imputation benefit is to arise for the receiving entity in respect of the distribution; and
(h) the Commissioner has not made a determination under paragraph 177EA(5)(b) that no imputation benefit is to arise in respect of the distribution to the recipient.
The following entities are relevant venture capital investors :
(a) the trustee of an entity that is a *complying superannuation entity in relation to the income year in which the *distribution is made and is not a *self managed superannuation fund;
(b) (Repealed by No 64 of 2020)
(c) (Repealed by No 64 of 2020)
(d) a *life insurance company.
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