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Early stage venture capital limited partnership tax offset (esv) Fund and Self-managed Fund

Before completing the worksheet and claiming the ESVCLP tax offset, it's important to read the ATO's information Tax incentives for innovation.

To complete the worksheet

In this example, the Fund has already claimed the Early stage Investor tax offset.

  1. Click the Calc statement tab and then click label D1 to open the front entry screen of the esv worksheet.

  2. The ESVCLP unconditionally registered on or after 7 December 2015 question is mandatory. Ticking the checkbox enables the Worksheet button. Enter any excess of the ESVCLP tax offset brought forward from the previous year. You must adjust this figure in accordance with Div 65 of the ITAA 1997 for the effects of any net exempt income (foreign or Australian).

  3. Click Worksheet, enter the details and press Enter. The transaction moves to the storage area at the top of the worksheet.

  4. You can have more than one acquisition transaction. If there are other transactions, enter those details. Don't combine your acquisitions into one entry because there are Capital Gains (CGT) implications at a later stage.
  5. If there are no further transactions, click Close and then press F6 or click OK or the Save icon to save the entry. We'll filter the Offset total through to label D1.

  6. The F4 Estimate summary shows the breakdown of how the offset was applied and any excess unable to be claimed this year to be carried forward to a future year.

    The ESVCLP tax offset is not included when calculating GDP-Adjusted net income for PAYG Income tax instalments purposes.

To record any share of ESCVLP tax offset distributed to the company from a partnership or trust, you must enter these details in the:

Fund Income Tax return:

  • Distributions from partnerships worksheet (dfp), item 10: Gross distributions from partnerships—label I
  • Distributions from trusts worksheet (dft), item 10: Trust distributions other amounts—label Q

Self-managed Superannuation Fund:

  • Distributions from partnerships worksheet (dfp), item 11: Gross distributions from partnerships—label I.
  • Distributions from trusts worksheet (dft), item 11: Gross trust distributions—label M.

Any share of esv tax offset received will be added to the esv worksheet with the Code D and will be included in the amount claimed in the Calculation statement—label D.

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