(1) A resident investment vehicle is a company that is an Australian resident, or a trust that is a * resident trust for CGT purposes, if:
(a) the sum of:
(i) the total value of the assets of the company or trust, and
(ii) the total value of the assets of any company or trust * connected with the first company or trust; and
(iii) the amount of the investment proposed to be made in venture capital equity in the company or trust by the relevant * venture capital entity;
is not more than $50,000,000 just before the time (the acquisition time ) when the relevant venture capital entity acquires venture capital equity in the company or trust; and
(b) the primary activity of the company or trust is not, at any time, property development or land ownership.
(2) However, a trust is not a resident investment vehicle unless entities have * fixed entitlements to all of the income and capital of the trust.
(3) The total value of the assets of a company or trust is the total value of its assets (both current and non-current) as shown in:
(a) the last audited accounts prepared for the company or trust for the purposes of the Corporations Act 2001 that relates to a period ending less than 18 months before the acquisition time; or
(b) if there are no such audited accounts--a statement audited by the company's or trust's auditor showing that value as at a time no longer than 12 months before the acquisition time.