Income Tax Assessment Act 1997
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Hide history noteSECTION 61-770 Amount of the ESVCLP tax offset - members of trusts or partnerships 61-770(1)
If subsection 61-760(2) applies, the amount of the *member ' s *tax offset for the income year is as follows:
Determined share of notional tax offset × Notional tax offset amount
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
61-765
, 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.
61-770(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.
61-770(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 investments made as a result of the contributions 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.
61-770(4)
The trustee or partnership must give the *member written notice of the determination. The notice:
(a) must enable the member to work out the amount of the member ' s *tax offset by including enough information to enable the member to work out the member ' s share of the notional tax offset; and
(b) must be given to the member within 3 months after the end of the income year, or within such further time as the Commissioner allows.
61-770(5)
The sum of all the percentages determined under subsection (2) in relation to the *members of the trust or partnership must not exceed 100%.
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