Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:1_1:p2
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/4)
Character Range: 10414–13001

or partnership would be entitled to a tax offset, under subsection (1), for the income year if the trust or partnership were an individual.

Trustees
 (3) A trustee of a trust is entitled to a *tax offset for an income year if:
 (a) the trustee would be entitled to a tax offset, under subsection (1), for the income year if the trustee were an individual; and
 (b) 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 the income year.

360‑20  Limited entitlement for certain kinds of investors
 (1) You do not satisfy paragraph 360‑15(1)(b) if:
 (a) for each offer resulting in *equity interests that are *shares in the company being issued to you during the income year, none of subsections 708(8), (10) or (11) of the Corporations Act 2001 removed the need for a disclosure document; and
 (b) a total of more than $50,000 was paid for the issue to you of the shares resulting from all of those offers.
 (2) For the purposes of this section, assume that Chapter 6D of the Corporations Act 2001 applies to those offers.

360‑25  Amount of the tax offset—general case
 (1) If subsection 360‑15(1) applies, the amount of the *tax offset is 20% of the total amount paid for the *shares to which paragraph 360‑15(1)(b) applies.
Note: If subsection 360‑15(1) applies for shares issued to you at several times during the income year, then this subsection uses the total amount paid for all of those shares.
 (2) However, reduce this amount to the extent necessary to ensure that the sum of the following does not exceed $200,000:
 (a) the sum of the *tax offsets under this Subdivision for the income year for which you and your *affiliates (if any) are entitled;
 (b) the sum of the tax offsets under this Subdivision that you and your affiliates (if any) carry forward to the income year.

360‑30  Amount of the tax offset—members of trusts or partnerships
 (1) If subsection 360‑15(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 360‑25, 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