Income Tax Assessment Act 1997
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Hide history noteSECTION 360-25 Amount of the tax offset - general case 360-25(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.
360-25(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.
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