Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 61.760

General case

  (1)   A * limited partner of an * ESVCLP is entitled to a * tax offset for an income year if:

  (a)   the partner contributes to the ESVCLP during the income year; and

  (b)   the partner is not a trust or partnership.

Members of trusts or partnerships

  (2)   A * member of a trust or partnership is entitled to a * tax offset for an income year if the trust or partnership would be entitled to a tax offset, under this section, for the income year if it were an individual.

Trustees

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

  (a)   the trust would be entitled to a tax offset, under this section, for the income year if it were an individual; and

  (b)   in a case where the trustee has determined percentages under subsection   61 - 770(2) in relation to the * members of the trust--the sum of those percentages is not 100%; and

  (c)   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 that income year.