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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS    View history reference

History

Pt 2-20 inserted by No 56 of 1997.

Division 61 - Generally applicable tax offsets    View history reference

History

Div 61 inserted by No 56 of 1997.

Subdivision 61-P - ESVCLP tax offset    View history reference

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.

Guide to Subdivision 61-P

SECTION 61-750  What this Subdivision is about  

 View history reference

A limited partner in an ESVCLP may be entitled to a tax offset for investing in the ESVCLP.

History

S 61-750 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.


TABLE OF SECTIONS

Operative provisions
61-755Object of this Subdivision
61-760Who is entitled to the ESVCLP tax offset
61-765Amount of the ESVCLP tax offset - general case
61-770Amount of the ESVCLP tax offset - members of trusts or partnerships
61-775Amount of the ESVCLP tax offset - trustees


 



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