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Early stage venture capital limited partnership tax offset (esv) Trust

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

The offset is:

  • claimed at item 52: Non-refundable carry forward tax offsets—label H
  • passed from label H to item 55: Statement of Distribution—label T
To complete the worksheet
  1. Click in Goto (F2) and enter 52 and press Enter, then click label H to open the esv worksheet.

  2. The ESVCLP unconditionally registered on or after 7 December 2015 question is mandatory. Ticking the checkbox enables the Worksheet button.

  3. Click the Worksheet button and enter the details of the ESVCLP acquisition. Enter any excess offset carried forward from the previous year, adjusted in accordance with Div 65 of the ITAA 1997 for the effects of any net exempt income (foreign or Australian).
  4. You can have more than one transaction. If there other acquisitions then you must enter each one separately as there are Capital Gains (CGT) implications on disposal. If there are no further acquisitions click Close, then click the Save icon, press F6 or click OK to close the worksheet. We'll filter the Offset total through to item 52: label H and from label H to item 55: Statement of distribution—label T.

In this example 50% of the offset is distributed to a presently entitled beneficiary and 50% is held by the trustee. When F8 distribution is done, item 55: Income to which no beneficiary is presently entitled—label T will show 50% of the esv offset.

Distribution Statement (xT)

Main return Statement of distribution labels

If the Trust has received a share of ESVCLP tax offset as a result of a distribution from a partnership or another trust, you must enter this in the Distributions from partnership worksheet (dip)or the Distributions from trusts worksheet (dit). We'll filter the share of ESVCLP tax offset through to the item 52 esv worksheet to be included in the Offset total available for distribution. When created in the esv worksheet, you'll recognise the share of ESVCLP tax offset by the Type code D.


F4 Estimate Summary

The F4 estimate prints a summary at the bottom of the page showing how the Excess to carry forward at the end of the year was calculated.




CCH References

20-700 Outline of innovation incentives

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