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

Label L-Current year tax offset

Use the Early stage venture capital limited partnership tax offset (esv) Partnership worksheet for record keeping purposes and to assist with the maintenance of any carry-forward excess at the end of the year.

Click label L to open the esv worksheet.

When you close the worksheet we'll pass the calculated amount to label L and to the Calculation statement Non-Refundable carry forward tax offsets worksheet (ncf)

Label P - Tax offset carried forward from previous years

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.