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

8   Subsection 360-25(1)

Repeal the subsection, substitute:

(1) If subsection 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.