Income Tax Assessment Act 1997
You are entitled to a *tax offset for an income year if:
(a) you are none of the following:
(i) a trust or a partnership;
(ia) an *ESVCLP;
(ii) a *widely held company or a *100% subsidiary of a widely held company; and
(b) at a particular time during the income year, a company issues you with *equity interests that are *shares in the company; and
(c) subsection 360-40(1) (about early stage innovation companies) applies to the company immediately after that time; and
(d) neither you nor the company is an *affiliate of each other at that time; and
(e) the issue of those shares is not an *acquisition of *ESS interests under an *employee share scheme; and
(f) immediately after the issue of those shares, you do not hold equity interests in the company, or in an entity *connected with the company, that carry the right to:
(i) receive more than 30% of any distribution of income by the company or the entity; or
(ii) receive more than 30% of any distribution of capital by the company or the entity; or
(iii) exercise, or control the exercise of, more than 30% of the total voting power in the company or the entity.
A *member of a trust or partnership (other than a partnership that is an *ESVCLP) at the end of an income year is entitled to a *tax offset for the income year if:
(a) the trust or partnership would be entitled to a tax offset, under this section, for the income year if the trust or partnership were an individual; and
(b) the member is not a *widely held company or a *100% subsidiary of a widely held company.
A trustee of a trust is entitled to a *tax offset for an income year if:
(a) the trustee would be entitled to a tax offset, under subsection (1), for the income year if the trustee were an individual; and
(b) 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 the income year.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.