Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:27_5:p5
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 27 cl 5 (pt 5/5)
Character Range: 386114–388183

imputation benefit is to arise in respect of the distribution to the recipient.

Relevant venture capital investors

 (2) The following entities are relevant venture capital investors:
 (a) the trustee of a fund that is a *complying superannuation fund in relation to the income year in which the *distribution is made and is not a self managed superannuation fund (within the meaning of the Superannuation Industry Supervision Act 1993);
 (b) the trustee of a fund that is a *complying approved deposit fund in relation to the income year in which the distribution is made and is not a self managed superannuation fund (within the meaning of the Superannuation Industry Supervision Act 1993);
 (c) the trustee of a unit trust that is a *pooled superannuation trust in relation to the income year in which the distribution is made;
 (d) a *life insurance company.

210‑175  Amount of the tax offset

Where the recipient is not a life insurance company

 (1) If the entity receiving the *distribution is not a *life insurance company, the *tax offset is equal to the *venture capital credit on the distribution.

Where the recipient is a life insurance company

 (2) If the entity receiving the *distribution is a *life insurance company, the *tax offset is worked out using the formula:
where:

complying superannuation class of taxable income means the *complying superannuation class of taxable income of the company for the income year in which the *distribution is made.

tax offset to which the entity would otherwise be entitled is the *tax offset that the company would be entitled to under subsection (1) if the entity were not a life insurance company.

total income is the company's assessable income for the income year.

210‑180  Application of Division 207 where the recipient is entitled to a tax offset under section 210‑170

  If the recipient of a *distribution *franked with a venture capital credit is entitled to a *tax offset under section 210‑170, Division 207 does not apply to that *part of the distribution that is venture capital franked.