Where the recipient is not a life insurance company
(1) If the entity receiving the * distribution is not a * life insurance company, the * tax offset is equal to the * venture capital credit on the distribution.
Where the recipient is a life insurance company
(2) If the entity receiving the * distribution is a * life insurance company, the * tax offset is worked out using the formula:
where:
"complying superannuation class of taxable income" means the * complying superannuation class of taxable income of the company for the income year in which the * distribution is made.
"tax offset to which the entity would otherwise be entitled" is the * tax offset that the company would be entitled to under subsection (1) if the entity were not a life insurance company.
"total income" is the company's assessable income for the income year.