Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 9/11)
Character Range: 5246310–5248937

360‑15(1) applies, the amount of your *tax offset is 20% of the sum of the following:
 (a) an amount equal to any money received, or entitled to be received, by the company referred to in paragraph 360‑15(1)(b) for the issue to you of the *shares as described in that paragraph;
 (b) an amount equal to the *market value of any *non‑cash benefit received, or entitled to be received, by the company referred to in paragraph 360‑15(1)(b) for the issue to you of the shares as described in that paragraph, as at the time the shares were issued to you.
 (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.
 (1A) However, reduce the amount worked out under subsection (1) 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 the member and the member's *affiliates (if any) are entitled;
 (b) the sum of the tax offsets under this Subdivision that the member and the member's affiliates (if any) carry forward to the income year.
 (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, under the terms and conditions under which the trust or partnership operates, the *member would be entitled to a fixed proportion of any *capital gain from a *disposal:
 (a) relating to the trust or partnership; and
 (b) of the *shares that gave rise to the notional tax offset; and
 (c) happening at the end of the income year to which 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