Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 9/10)
Character Range: 1480625–1483328

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).
 (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.
 (3) Work out the investment related amount as follows:
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.
 (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.

61‑770  Amount of the ESVCLP tax offset—members of trusts or partnerships
 (1) If subsection 61‑760(2) applies, the amount of the *member's *tax offset for the income year is as follows:
where:
determined share of notional tax offset is the percentage determined under subsection (2) for the *member.
notional tax offset amount is what would, under section 61‑765, have been the amount of the trust's or partnership's *tax offset (the notional tax offset) if the trust or partnership had been an individual.
 (2) The trustee or partnership 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