Item 22 - Early stage venture capital limited partnership (ESVCLP) tax offset
You may be entitled to the early stage venture capital limited partnership (ESVCLP) tax offset if either
you are entitled to a tax offset in the current income year or
- you have an amount of unused ESVCLP tax offset carried forward from a previous income year.
Any unused portion of the ESVCLP tax offset can be carried forward to future income years, subject to the tax offset carry- forward rules in Division 65 of the ITAA 1997.
Label L-Current year tax offset
The Early stage venture capital limited partnership (esv) worksheet is provided at label 22 to assist with record keeping and for the maintenance of any carry-forward excess from the prior year.
Enter at label L the total of the company's early stage venture capital limited partnership offset for the current year.
The amount enter at label L will be passed to the Calculation Statement, label D worksheet to be included in the total of Non-refundable carry forward tax offsets.
For more information on the Early stage venture capital limited partnerships, see ESVCLP tax incentives and concessions on the ATO website.
Your current income year ESVCLP 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.
Label P-Tax offset carried forward from previous year
Write at label P the amount of ESVCLP tax offset carried forward from a previous year.
If you claimed the ESVCLP tax offset in one or more earlier income years commencing on or after 1 July 2016 and did not apply all or part of the tax offset in those earlier income years, you may be able to carry forward and use those parts of the tax offset that was unapplied in this income year. To work out whether you can carry forward and use all or part of the ESVCLP tax offset from an earlier income year to this year, see Division 65 of the ITAA 1997.
Do not include an amount at P if you are prevented from using the ESVCLP tax offset from an earlier income year by Division 65 of the ITAA 1997. For example, Division 65 states that before you can apply a tax offset from a prior year to reduce the amount of income tax that you will pay in a later year, you must apply it to reduce certain amounts of net exempt income. If the company is a base rate entity for the year, net exempt income is reduced by $1 for each 27.5 cents of the tax offset
CCH References
20-700 Outline of innovation incentives