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

7   Subsection 360-15(2)

Repeal the subsection, substitute:

Members of trusts or partnerships

(2) A *member of a trust or partnership (other than a partnership that is an *ESVCLP) at the end of an income year is entitled to a *tax offset for the income year if:

(a) the trust or partnership would be entitled to a tax offset, under this section, for the income year if the trust or partnership were an individual; and

(b) the member is not a *widely held company or a *100% subsidiary of a widely held company.