Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An entity's share of any gain or profit made from the disposal or other realisation of an * eligible venture capital investment is exempt from income tax if:
(a) it is made by a * VCLP, or an * ESVCLP, that is * unconditionally registered; and
(b) were that disposal or other realisation to be a * disposal of a * CGT asset, the entity's share of any * capital gain or * capital loss would be disregarded under section 118 - 405 or 118 - 407.
(1A) An entity's share of any gain or profit made:
(a) by an * ESVCLP that is * unconditionally registered; and
(b) from the disposal or other realisation of an * eligible venture capital investment;
is exempt from income tax to the extent that, were that disposal or other realisation to be a * disposal of a * CGT asset, the equivalent * capital gain arising from the * CGT event would be disregarded because of a partial exemption from the CGT event under section 118 - 408.
Partners in AFOFs
(2) An entity's share of any gain or profit made from the disposal or other realisation of an * eligible venture capital investment is exempt from income tax if:
(i) an * AFOF that is * unconditionally registered; or
(ii) a * VCLP, or an * ESVCLP, that is unconditionally registered and in which an AFOF that is * unconditionally registered is a partner; and
(b) were that disposal or other realisation to be a * disposal of a * CGT asset, the entity's share of any * capital gain or * capital loss would be disregarded under section 118 - 410.
Eligible venture capital investors
(3) Any gain or profit made from the disposal or other realisation of an * eligible venture capital investment is exempt from income tax if:
(a) you are an * eligible venture capital investor; and
(b) were that disposal or other realisation to be a * disposal
of a * CGT asset, any * capital gain or * capital loss would be disregarded
under section 118 - 415.