Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 8/10)
Character Range: 1478243–1480876

following:
 (i) the employment of, or the work or services performed by, such individuals in relation to which the company so qualifies for the offset;
 (ii) leave accrued by such individuals during such employment, work or services;
 (iii) training of such individuals that relates to such employment, work or services.

Subdivision 61‑P—ESVCLP tax offset

Guide to Subdivision 61‑P

61‑750  What this Subdivision is about
      A limited partner in an ESVCLP may be entitled to a tax offset for investing in the ESVCLP.

Table of sections

Operative provisions
61‑755 Object of this Subdivision
61‑760 Who is entitled to the ESVCLP tax offset
61‑765 Amount of the ESVCLP tax offset—general case
61‑770 Amount of the ESVCLP tax offset—members of trusts or partnerships
61‑775 Amount of the ESVCLP tax offset—trustees

Operative provisions

61‑755  Object of this Subdivision
  The object of this Subdivision is to encourage new investment in early stage venture capital by providing investors with a *tax offset to reduce the effective cost of such investments.

61‑760  Who is entitled to the ESVCLP tax offset

General case
 (1) A *limited partner of an *ESVCLP is entitled to a *tax offset for an income year if:
 (a) the partner contributes to the ESVCLP during the income year; and
 (b) the partner is not a trust or partnership.

Members of trusts or partnerships
 (2) A *member of a trust or partnership is entitled to a *tax offset for an income year if the trust or partnership would be entitled to a tax offset, under this section, for the income year if it were an individual.

Trustees
 (3) A trustee of a trust is entitled to a *tax offset for an income year if:
 (a) the trust would be entitled to a tax offset, under this section, for the income year if it were an individual; and
 (b) in a case where the trustee has determined percentages under subsection 61‑770(2) in relation to the *members of the trust—the sum of those percentages is not 100%; and
 (c) the trustee is liable to be assessed or has been assessed, and is liable to pay *tax, on a share of, or all or a part of, the trust's *net income under section 98, 99 or 99A of the Income Tax Assessment Act 1936 for that income year.

61‑765  Amount of the ESVCLP tax offset—general case
 (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).
 (2) The following amounts