Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 10/10)
Character Range: 1483095–1485667

may determine the percentage of the notional tax offset that is the *member's share of the notional tax offset.
 (3) If, under the terms and conditions under which the trust or partnership operates, the *member would be entitled to a fixed proportion of any *capital gain from a *disposal:
 (a) relating to the trust or partnership; and
 (b) of investments made as a result of the contributions that gave rise to the notional tax offset; and
 (c) happening at the end of the income year to which the notional tax offset relates;
the percentage determined under subsection (2) must be equivalent to that fixed proportion, and a determination of any other percentage has no effect.
 (4) The trustee or partnership must give the *member written notice of the determination. The notice:
 (a) must enable the member to work out the amount of the member's *tax offset by including enough information to enable the member to work out the member's share of the notional tax offset; and
 (b) must be given to the member within 3 months after the end of the income year, or within such further time as the Commissioner allows.
 (5) The sum of all the percentages determined under subsection (2) in relation to the *members of the trust or partnership must not exceed 100%.

61‑775  Amount of the ESVCLP tax offset—trustees
  If subsection 61‑760(3) applies, the amount of the *tax offset for the income year is the difference between:
 (a) what would, under section 61‑765, have been the amount of the tax offset to which the trust would have been entitled if it had been an individual; and
 (b) if *members of the trust are entitled to tax offsets under subsection 61‑760(2) arising from the same contributions from which the trustee's entitlement arises under subsection 61‑760(3)—the sum of the amounts, under section 61‑770, of those tax offsets.

Division 63—Common rules for tax offsets

Guide to Division 63

63‑1  What this Division is about

      This Division sets out some rules that are common to all tax offsets.

Table of sections
63‑10 Priority rules

63‑10  Priority rules
 (1) If you have one or more *tax offsets for an income year, apply them against your basic income tax liability in the order shown in the table. To the extent that an amount of a tax offset remains, the table tells you what happens to it.

Order of applying tax offsets
Item                           Tax offset                                                                                                                                                          What happens to any excess