Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 25.1

Industry Innovation and Science Australia can make determinations having the effect of relaxing the requirements of paragraphs 118 - 425(2)(b) and 118 - 427(3)(c) of the Income Tax Assessment Act 1997 .

Note 1:   Paragraph   1 18 - 425(2)(b) of the Income Tax Assessment Act 1997 is about how closely a company is connected with Australia . Paragraph   1 18 - 427(3)(c) of that Act is about how closely a unit trust is connected with Australia . These paragraphs are one of the requirements that a company or unit trust must meet in order for investments in the company or unit trust to be eligible venture capital investments.

Note 2:   The capital gains tax exemption under Subdivision   118 - F of that Act only applies in relation to eligible venture capital investments.

Table of sections

Operative provisions

25 - 5   Industry Innovation and Science Australia may determine a shorter period

25 - 10   Industry Innovation and Science Australia may determine that a requirement does not apply

25 - 15   Industry Innovation and Science Australia may determine matters relating to requirements for eligible venture capital investments