Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.505

  (1)   A * capital gain or * capital loss is disregarded if it is made from a * CGT event happening in relation to a * CGT asset that is * venture capital equity where the asset:

  (a)   was * acquired by a * venture capital entity; and

  (b)   at the time of the CGT event:

  (i)   was owned by that entity; and

  (ii)   had been owned by that entity for at least 12 months.

  (2)   The * venture capital entity must be registered under Part   7A of the Pooled Development Funds Act 1992 at the time of the * CGT event.