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

9   After subsection 360-30(1)

Insert:

(1A) However, reduce the amount worked out under subsection (1) 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 the member and the member's *affiliates (if any) are entitled;

(b) the sum of the tax offsets under this Subdivision that the member and the member's affiliates (if any) carry forward to the income year.