Treasury Laws Amendment (2018 Measures No. 2) Act 2020 (8 of 2020)

Schedule 2   Innovation measures

Part 2   Early stage investor tax offsets

Income Tax Assessment Act 1997

10   Subsection 360-30(3)

Repeal the subsection, substitute:

(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.