Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If subsection 61 - 760(2) applies, the amount of the * member's * tax offset for the income year is as follows:
where:
"determined share of notional tax offset" is the percentage determined under subsection (2) for the * member.
"notional tax offset amount" is what would, under section 61 - 765, have been the amount of the trust's or partnership's * tax offset (the notional tax offset ) if the trust or partnership had been an individual.
(2) The trustee or partnership may determine the percentage of the notional tax offset that is the * member's share of the notional tax offset.
(3) If, under the terms and conditions under which the trust or partnership operates, the * member would be entitled to a fixed proportion of any * capital gain from a * disposal:
(a) relating to the trust or partnership; and
(b) of investments made as a result of the contributions that gave rise to the notional tax offset; and
(c) happening at the end of the income year to which the notional tax offset relates;
the percentage determined under subsection (2) must be equivalent to that fixed proportion, and a determination of any other percentage has no effect.
(4) The trustee or partnership must give the * member written notice of the determination. The notice:
(a) must enable the member to work out the amount of the member's * tax offset by including enough information to enable the member to work out the member's share of the notional tax offset; and
(b) must be given to the member within 3 months after the end of the income year, or within such further time as the Commissioner allows.
(5) The sum of all the percentages determined under subsection (2) in relation to the * members of the trust or partnership must not exceed 100%.