CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-45
-
RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 360
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Early stage investors in innovation companies
History
Div 360 inserted by No 54 of 2016, s 3 and Sch 1 item 1, applicable in relation to equity interests issued on or after 1 July 2016.
Subdivision 360-A
-
Tax incentives for early stage investors in innovation companies
History
Subdiv 360-A inserted by No 54 of 2016, s 3 and Sch 1 item 1, applicable in relation to equity interests issued on or after 1 July 2016.
Operative provisions
SECTION 360-35
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.
History
S 360-35 amended by No 8 of 2020, s 3 and Sch 2 item 11, by substituting
"
the amounts worked out under section 360-30 (disregarding any reductions under subsection 360-30(1A)) for those tax offsets
"
for all the words after
"
the sum of
"
in para (b), effective 1 April 2020 and applicable in relation to income years commencing on or after 1 July 2018.
S 360-35 inserted by No 54 of 2016, s 3 and Sch 1 item 1, applicable in relation to equity interests issued on or after 1 July 2016.