Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 10/11)
Character Range: 5248682–5251370

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%.

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 worked out under section 360‑30 (disregarding any reductions under subsection 360‑30(1A)) for 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 before the current year 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 income year before the current year; and
 (d) at the test time, none of the company's *equity interests are listed for quotation in the official list of any stock exchange in Australia or a foreign country; and
 (e) at the test time, the company has at least 100 points under section 360‑45, or:
 (i) the company is genuinely focussed on developing for commercialisation one