Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:1_1:p3
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 3/4)
Character Range: 12759–15411

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 the *member would be entitled to a fixed proportion of any *capital gain from a *disposal were the disposal to happen in relation to the trust or partnership at the end of the income year, then:
 (a) the percentage determined under subsection (2) must be equivalent to that fixed proportion; and
 (b) 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%.

360‑35  Amount of the tax offset—trustees
  If subsection 360‑15(3) applies, the amount of the *tax offset is the difference between:
 (a) what would, under section 360‑25, have been the amount of the tax offset to which the trustee would have been entitled if the trustee had been an individual; and
 (b) if *members of the trust are entitled to tax offsets under subsection 360‑15(2) arising from the same *shares to which the trustee's entitlement arises under subsection 360‑15(3)—the sum of the amounts, under section 360‑30, of those tax offsets.

360‑40  Early stage innovation companies
 (1) This subsection applies to a company at a particular time (the test time) in an income year (the current year) if:
 (a) the company was:
 (i) incorporated in Australia within the last 3 income years (the latest being the current year); or
 (ii) incorporated in Australia within the last 6 income years (the latest being the current year), and across the last 3 of those income years it and its *100% subsidiaries (if any) incurred total expenses of $1 million or less; or
 (iii) registered in the *Australian Business Register within the last 3 income years (the latest being the current year); and
 (b) the company and its 100% subsidiaries (if any) incurred total expenses of $1 million or less in the income year before the current year; and
 (c) the company and its 100% subsidiaries (if any) had a total assessable income of $200,000 or less in the