INCOME TAX ASSESSMENT ACT 1997 - SECT 210.170 Tax offset for certain recipients of distributions franked with venture capital credits

INCOME TAX ASSESSMENT ACT 1997 - SECT 210.170

  (1)   The recipient of a * distribution * franked with a venture capital credit is entitled to a * tax offset for the income year in which the distribution is made if:

  (a)   the recipient is a relevant venture capital investor; and

  (b)   the recipient is not:

  (i)   a partnership; or

  (ii)   a trustee (other than the trustee of a * complying superannuation entity, a * non - complying superannuation fund or a * non - complying approved deposit fund); and

  (c)   the recipient satisfies the * residency requirement for an entity receiving a distribution; and

  (d)   the distribution is not * exempt income of the recipient (ignoring section   124ZM of the Income Tax Assessment Act 1936 ); and

  (e)   the recipient is a qualified person in relation to the distribution for the purposes of Division   1A of former Part   IIIAA of the Income Tax Assessment Act 1936 ; and

  (f)   the distribution is not part of a * dividend stripping operation; and

  (g)   the Commissioner has not made a determination under paragraph   204 - 30(3)(c) that no * imputation benefit is to arise for the receiving entity in respect of the distribution; and

  (h)   the Commissioner has not made a determination under paragraph   177EA(5)(b) that no imputation benefit is to arise in respect of the distribution to the recipient.

Relevant venture capital investors

  (2)   The following entities are relevant venture capital investors :

  (a)   the trustee of an entity that is a * complying superannuation entity in relation to the income year in which the * distribution is made and is not a * self managed superannuation fund;

  (d)   a * life insurance company.