INCOME TAX ASSESSMENT ACT 1997 - SECT 210.175 Amount of the tax offset

INCOME TAX ASSESSMENT ACT 1997 - SECT 210.175

Where the recipient is not a life insurance company

  (1)   If the entity receiving the * distribution is not a * life insurance company, the * tax offset is equal to the * venture capital credit on the distribution.

Where the recipient is a life insurance company

  (2)   If the entity receiving the * distribution is a * life insurance company, the * tax offset is worked out using the formula:

where:

"complying superannuation class of taxable income" means the * complying superannuation class of taxable income of the company for the income year in which the * distribution is made.

"tax offset to which the entity would otherwise be entitled" is the * tax offset that the company would be entitled to under subsection   (1) if the entity were not a life insurance company.

"total income" is the company's assessable income for the income year.