INCOME TAX ASSESSMENT ACT 1997 - SECT 360.15 Entitlement to the tax offset

INCOME TAX ASSESSMENT ACT 1997 - SECT 360.15

General case

  (1)   You are entitled to a * tax offset for an income year if:

  (a)   you are none of the following:

  (i)   a trust or a partnership;

  (ia)   an * ESVCLP;

  (ii)   a * widely held company or a * 100% subsidiary of a widely held company; and

  (b)   at a particular time during the income year, a company issues you with * equity interests that are * shares in the company; and

  (c)   subsection   360 - 40(1) (about early stage innovation companies) applies to the company immediately after that time; and

  (d)   neither you nor the company is an * affiliate of each other at that time; and

  (e)   the issue of those shares is not an * acquisition of * ESS interests under an * employee share scheme; and

  (f)   immediately after the issue of those shares, you do not hold equity interests in the company, or in an entity * connected with the company, that carry the right to:

  (i)   receive more than 30% of any distribution of income by the company or the entity; or

  (ii)   receive more than 30% of any distribution of capital by the company or the entity; or

  (iii)   exercise, or control the exercise of, more than 30% of the total voting power in the company or the entity.

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.

Trustees

  (3)   A trustee of a trust is entitled to a * tax offset for an income year if:

  (a)   the trustee would be entitled to a tax offset, under subsection   (1), for the income year if the trustee were an individual; and

  (b)   the trustee is liable to be assessed or has been assessed, and is liable to pay * tax, on a share of, or all or a part of, the trust's * net income under section   98, 99 or 99A of the Income Tax Assessment Act 1936 for the income year.