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From 1 July 2016, a limited partner of an early stage venture capital limited partnership (ESVCLP) may be entitled to:

  • a non-refundable carry forward tax offset of up to 10% of their contribution to an ESVCLP. The ESVCLP must have become unconditionally registered on or after 7 December 2015. This includes an ESVCLP that was conditionally registered before this time and then became unconditionally registered on or after 7 December 2015.

  • a partial exemption for income or capital gain accrued to the end of the period ending six months after the end of an income year in which the investee's value has exceeded $250 million.

See Tax incentives for innovation on ato.gov.au.

This offset is not used in the calculation of GDP-adjusted income for PAYGI tax instalments purposes.

Tax pre-fill (individuals only)

This schedule can be pre-filled using the Pre-fill Manager functionality. For information on pre-filling, see Pre-fill Manager.

How do I complete the Early stage venture capital limited partnership worksheet (esv)

You must use the MYOB Tax Early stage venture capital limited partnership tax offset worksheet (esv) to record and store the details of these transactions and any excess calculated and not claimed in the financial year. This excess can be carried forward to be used in a future year. Adjust any excess to carry forward in accordance with Div 65 of the ITAA 1997 for the effects of any net exempt income (foreign and Australian).