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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS    View history reference

Division 61 - Generally applicable tax offsets    View history reference

Subdivision 61-P - ESVCLP tax offset    View history reference

Operative provisions

SECTION 61-760  Who is entitled to the ESVCLP tax offset  

 View history reference

General case

61-760(1)  

A *limited partner of an *ESVCLP is entitled to a *tax offset for an income year if:


(a) the partner contributes to the ESVCLP during the income year; and


(b) the partner is not a trust or partnership.

Members of trusts or partnerships

61-760(2)  

A *member of a trust or partnership is entitled to a *tax offset for an income year if the trust or partnership would be entitled to a tax offset, under this section, for the income year if it were an individual.

Trustees

61-760(3)  

A trustee of a trust is entitled to a *tax offset for an income year if:


(a) the trust would be entitled to a tax offset, under this section, for the income year if it were an individual; and


(b) in a case where the trustee has determined percentages under subsection 61-770(2) in relation to the *members of the trust - the sum of those percentages is not 100%; and


(c) 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 that income year.


 



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