Things to know
Complete this section to claim the early stage venture capital limited partnership (ESVCLP) tax offset if one or both of the following apply:
- you are entitled to the ESVCLP tax offset in 2023–24
- you have an amount of unused ESVCLP tax offset carried forward from a previous year.
You are entitled to the ESVCLP tax offset if you contributed to an ESVCLP in 2023–24 and you are:
- a limited partner of the ESVCLP
- a partner of a partnership or a beneficiary of a trust which is a limited partner of the ESVCLP.
For more information on ESVCLPs, see Venture capital and early stage venture capital limited partnerships.
This tax offset is non-refundable, however you can carry it forward if it is not fully utilised in 2023–24. Any amount of unused tax offset able to be carried forward will be shown on your notice of assessment for the year ended 30 June 2024.
Completing this section
You may need:
- Your notice of assessment or amended notice of assessment for the year ended 30 June 2023 that should show if you have any unused ESVCLP tax offset that is carried forward to 2023–24.
- Written notification from a partnership or trustee of a trust to allow you to work out your share of the ESVCLP tax offset, if you are a partner in a partnership or a beneficiary of a trust which has contributed to an ESVCLP in 2023–24.
If a written notification has not been provided, contact the partnership or the trustee.
We pre-fill your tax return with your Tax offset carried forward from previous year amount, if applicable.
We have shown any current year early stage venture capital limited partnership tax offset you have shown in the Managed fund and trust distributions section.
To personalise your return to show early stage venture capital limited partnership tax offset, at Personalise return select:
- You are claiming tax offsets or adjustments.
- Other tax offsets.
To show early stage venture capital limited partnership tax offset, at Prepare return select 'Add/Edit' at the Offsets banner.
Use the following steps to work out your tax offset and show it at the Early stage venture capital limited partnership heading:
- In 2023–24, were you either a
- limited partner of an ESVCLP
- partner in a partnership or a beneficiary of a trust which has contributed to an ESCVLP?
No – go to step 3.
Yes – go to Working out your current year tax offset
- Enter the amount from row c in Worksheet 1 at Current year tax offset.
- Do you have any ESVCLP tax offset carried forward from previous year?
No – go to step 5.
Yes – go to Working out your tax offset carried forward from previous year - Enter the amount from row g in Worksheet 2 at Tax offset carried forward from previous year.
- Select Save and continue when you have completed the Offsets section.
Working out your current year tax offset
Your 2023–24 tax offset is the sum of your tax offsets worked out based on your contributions to the ESVCLP:
- as a limited partner of the ESVCLP, or
- through a partnership or trust.
The ESVCLP must have become unconditionally registered on or after 7 December 2015.
Work out your amount of ESVCLP tax offset by referring to ESVCLP tax incentives and concessions.
Step 1
Are you a limited partner of an ESVCLP?
No – go to step 3.
Yes – go to step 2.
Step 2
Your amount of the tax offset for each contribution in the ESVCLP is 10% of the lesser of the following:
- your total contribution to the ESVCLP during 2023–24 (certain exclusions apply), and
- your share (based on your interest in the entire capital of the ESVCLP at the end of 2023–24) of the sum of eligible venture capital investments made by the ESVCLP during the period from the start of 2023–24 and ending 2 months after the end of 2023–24.
If you made more than one contribution in 2023–24, add up the total amount.
Show the amount you worked out at row a in Worksheet 1.
Step 3
Are you a partner in a partnership or a beneficiary of a trust which has contributed to an ESVCLP?
No – go to step 5.
Yes – go to step 4.
Step 4
Show your entitlements to any ESVCLP tax offset during 2023–24 as a beneficiary of a trust or a partner in a partnership at row b in Worksheet 1.
Don't include amounts already shown at the Managed fund and trust distributions section.
Step 5
Add row a and row b.
Return to step 2 in Completing this section.
Row | Description | Amount |
|---|---|---|
a | The tax offset worked out at step 2 | $ |
b | Entitlements to any ESVCLP tax offsets during 2023–24 as a beneficiary of a trust or a partner in a partnership | $ |
c | Add row a and row b | $ |
Working out your tax offset carried forward from previous year
Step 1
Show the amount of any unused ESVCLP tax offset carried forward from a previous year at row d in Worksheet 2 below.
Step 2
Do you have any unused net exempt income?
Unused net exempt income is any net exempt income left after deducting any tax losses of earlier income years from that year's net exempt income.
For more information, see Amounts that you do not pay tax on.
No – go to step 4.
Yes – show the amount of unused net exempt income at row e in Worksheet 2. Go to step 3.
Step 3
The unused ESVCLP tax offset carried forward from a previous year is reduced by $0.30 for every dollar of unused net exempt income, provided you had taxable income for that year.
Multiply the unused net exempt income from row e by 30%. Show that amount at row f in Worksheet 2.
Note: If you have unused net exempt income and are unsure how to calculate the ESVCLP tax offset carried forward from a previous year, for more information:
- contact us
- use 'Live chat', available within myTax by selecting the Live chat button.
Step 4
Subtract row f from row d.
Return to step 4 in Completing this section.
Row | Description | Amount |
|---|---|---|
d | Unused ESVCLP tax offset carried forward from a previous year | $ |
e | Unused net exempt income | $ |
f | Multiply row e by 30% | $ |
g | Subtract row f from row d | $ |