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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 61-765  Amount of the ESVCLP tax offset - general case  

 View history reference

61-765(1)  

If subsection 61-760(1) applies, the amount of the *tax offset for the income year is 10% of the lesser of:


(a) the sum of the amounts the partner contributes to the *ESVCLP during the income year, reduced by any amounts excluded under subsection (2); and


(b) the amount (the investment related amount) worked out under subsection (3).

61-765(2)  

The following amounts are excluded for the purposes of paragraph (1)(a) in relation to the income year:


(a) any parts of a contribution the partner made to the *ESVCLP that the ESVCLP is, or will become, obliged to repay to the partner, whether or not:


(i) the obligation arises during the income year; or

(ii) the obligation arises only when the partner requests repayment;


(b) any parts of a contribution the partner made to the ESVCLP that, during the income year, are repaid to the partner within 12 months after the contribution was made;


(c) any parts of a contribution the partner made to the ESVCLP to the extent that they comprise a commitment to provide money or property in the future.

61-765(3)  

Work out the investment related amount as follows:

Partner's share × Sum of eligible venture capital investments

where:

partner's share is the partner's share of the capital of the *ESVCLP at the end of the income year, expressed as a percentage of the entire capital of the ESVCLP.

sum of eligible venture capital investments is the sum of:


(a) all the amounts of the *eligible venture capital investments made by the *ESVCLP during the period starting at the start of the income year and ending 2 months after the end of the income year; and


(b) all the incidental costs, incurred during that period, of making those investments; and


(c) all the administrative expenses, incurred during that period, associated with those investments.

61-765(4)  

For the purposes of paragraph (a) of the definition of sum of eligible venture capital investments in subsection (3), disregard the amounts of any *eligible venture capital investments that were taken into account in working out the amount of a *tax offset under this Subdivision for a preceding income year.


 



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