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TAXATION LAWS AMENDMENT (VENTURE CAPITAL) ACT 2002 NO. 136, 2002 - SCHEDULE 1
- Capital gains and capital losses, and related matters
Income Tax Assessment Act 1997
1
Section 11-10 (table item headed "interest")
Omit "51-55", substitute "51-57".
2 Section 11-15 (table item headed
"foreign investment")
Before:
gain or profit from realisation of venture
capital equity
| 51-55
|
insert:
gain or profit from realisation of eligible
venture capital investments
| 51-54
|
3
After section 26-65
Insert:
26-68 Loss from disposal of eligible venture capital investments
Partners in VCLPs
- (1)
- You cannot deduct under this Act your share of a loss
made from the disposal or other realisation of an * eligible venture capital
investment if:
- (a)
- it is made by a * VCLP that is * unconditionally registered; and
- (b)
- were that disposal or other realisation to be a * disposal of a * CGT
asset, your share of any * capital gain or * capital loss would be disregarded
under section 118-405.
Partners in AFOFs
- (2)
- You cannot deduct under this Act your share of a loss
made from the disposal or other realisation of an * eligible venture capital
investment if:
- (a)
- it is made by:
- (i)
- an * AFOF that is * unconditionally registered; or
- (ii)
- a * VCLP 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, your share of any * capital gain or * capital loss would be disregarded
under section 118-410.
Eligible venture capital investors
- (3)
- You cannot deduct under this Act a
loss made from the disposal or other realisation of an * eligible venture
capital investment 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.
4 Before section 51-55 (first occurring)
Insert:
51-54 Gain or profit
from disposal of eligible venture capital investments
Partners in VCLPs
- (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 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.
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:
- (a)
- it is made by:
- (i)
- an * AFOF that is * unconditionally registered; or
- (ii)
- a * VCLP 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.
5 Section 51-55 (second occurring)
Renumber as section 51-57.
6
After Subdivision 118-E
Insert:
Subdivision 118-FVenture capital investment
Guide to Subdivision 118-F
118-400 What this Subdivision is about
Some
foreign residents disregard capital gains and capital losses from CGT events
that relate to investments, in Australian companies (and in some cases foreign
holding companies), that meet the requirements of this Subdivision.
These
investments are made:
(a) through limited partnerships, known as venture
capital limited partnerships, that are unconditionally registered under
Part 2 of the Venture Capital Act 2002 ; or
(b) through limited partnerships, known as Australian venture capital
funds of funds, that are unconditionally registered under that Part;
or
(c) directly by foreign residents who are registered under Part 3 of
that Act.
Note: Registration of a limited partnership under
Part 2 of that Act also leads to its income and losses being
assessed under Division 5 of Part III of the
Income Tax Assessment Act 1936 on the basis that it is a partnership.
This is an exception to the general rule, under Division 5A of that Part,
that limited partnerships are assessed as companies. For this purpose,
registration does not need to be unconditional.
Table of sections
Operative provisions
118-405 Exemption for certain foreign
venture capital investments through venture capital limited partnerships
118-410 Exemption for certain foreign venture capital investments through
Australian venture capital funds of funds
118-415 Exemption for certain
venture capital investments by foreign residents
118-420 Meaning of eligible
venture capital partner etc.
118-425 Meaning of eligible venture capital
investment
118-430 Meaning of at risk
118-435 Special rule relating to
investment in non-resident holding companies
118-440 Meaning of permitted
entity value
118-445 Meaning of committed capital
[This is the end of the
Guide.]
Operative provisions
118-405 Exemption for certain foreign venture
capital investments through venture capital limited partnerships
General
- (1)
- All of your share in a * capital gain or a * capital loss from a * CGT
event is disregarded if:
- (a)
- you are an * eligible venture capital partner in a * limited partnership;
and
- (b)
- the CGT event relates to an investment that the partnership made that is
an * eligible venture capital investment; and
- (c)
- when the partnership made the investment, the partnership:
- (i)
- was a * venture capital limited partnership that was * unconditionally
registered; and
- (ii)
- met all of the * registration requirements of a VCLP that are not *
investment registration requirements; and
- (d)
- at the time of the CGT event, the partnership:
- (i)
- owned the investment; and
- (ii)
- had owned the investment for at least 12 months; and
- (iii)
- was a venture capital limited partnership that was unconditionally
registered; and
- (iv)
- in the case of a capital gainmet all of the registration
requirements of a VCLP that are not investment registration requirements.
Note: The registration requirements of a VCLP are set out in section 9-1
of the Venture Capital Act 2002 . It is important to understand that this is a
separate requirement from registration under Part 2 of that Act (which
effectively determines whether an entity is a VCLP).
It is technically possible to be registered under Part 2 of that Act
without meeting the registration requirements of a VCLP, but you might still
not be entitled to exemption under this section.
Meaning of venture capital limited partnership
- (2)
- A * limited partnership
is a venture capital limited partnership at a particular time if, at that
time, the partnership's registration as a venture capital limited partnership
under Part 2 of the Venture Capital Act 2002 is, or is taken to have
been, in force.
For when the registration is, or is taken to have been, in force, see
section 13-10 of the Venture Capital Act 2002 .
Note: In this Act and
the Venture Capital Act 2002 , the term "venture capital limited partnership"
is usually abbreviated to "VCLP".
Shares acquired by converting convertible notes
- (3)
- A partnership that
acquired a * share in a company by converting a * convertible note, or a
convertible preference share, issued by the company is treated, for the
purposes of subparagraph (1)(d)(ii), as having owned the share from the
time when it last acquired the convertible note or convertible preference
share.
118-410 Exemption for certain foreign venture capital investments through
Australian venture capital funds of funds
Gains or losses as a partner in a
VCLP
- (1)
- All of your share in a * capital gain or a * capital loss from a *
CGT event is disregarded if:
- (a)
- you are an * eligible venture capital partner in a * limited partnership;
and
- (b)
- the CGT event relates to an * eligible venture capital investment made by
a * VCLP in which the partnership is a partner; and
- (c)
- when the investment was made, the partnership:
- (i)
- was an * Australian venture capital fund of funds that was *
unconditionally registered; and
- (ii)
- met all of the * registration requirements of an AFOF that are not *
investment registration requirements; and
- (d)
- when the investment was made, the VCLP:
- (i)
- was unconditionally registered; and
- (ii)
- met all of the * registration requirements of a VCLP that are not
investment registration requirements; and
- (e)
- at the time of the CGT event, the partnership:
- (i)
- was an Australian venture capital fund of funds that was unconditionally
registered; and
- (ii)
- in the case of a capital gainmet all of the registration
requirements of an AFOF that are not investment registration requirements; and
- (f)
- at the time of the CGT event, the VCLP:
- (i)
- owned the investment; and
- (ii)
- had owned the investment for at least 12 months; and
- (iii)
- was unconditionally registered; and
- (iv)
- in the case of a capital gainmet all of the registration
requirements of a VCLP that are not investment registration requirements.
Note: The registration requirements of an AFOF are set out in section 9-5
of the Venture Capital Act 2002 . It is important to understand that this is a
separate requirement from registration under Part 2 of that Act (which
effectively determines whether an entity is an AFOF).
It is technically possible to be registered under Part 2 of that Act
without meeting the registration requirements of an AFOF, but you might still
not be entitled to exemption under this section.
Gains or losses from direct investments
- (2)
- All of your share in a * capital
gain or a * capital loss from a * CGT event is disregarded if:
- (a)
- you are an * eligible venture capital partner in a * limited partnership;
and
- (b)
- in the case of a capital gainthe CGT event relates to an * eligible
venture capital investment that the partnership made in a company in which a *
VCLP, of which the partnership is a partner, owns one or more eligible venture
capital investments; and
- (c)
- when the investment was made, the partnership:
- (i)
- was an * Australian venture capital fund of funds that was *
unconditionally registered; and
- (ii)
- met all of the * registration requirements of an AFOF that are not *
investment registration requirements; and
- (d)
- when the investment was made, the VCLP owned one or more eligible venture
capital investments in the company referred to in paragraph (b); and
- (e)
- at the time of the CGT event, the partnership:
- (i)
- owned the investment; and
- (ii)
- had owned the investment for at least 12 months; and
- (iii)
- was an Australian venture capital fund of funds that was unconditionally
registered; and
- (iv)
- in the case of a capital gainmet all of the registration
requirements of an AFOF that are not investment registration requirements.
Note: The registration requirements of an AFOF are set out in section 9-5
of the Venture Capital Act 2002 . It is important to understand that this is a
separate requirement from registration under Part 2 of that Act (which
effectively determines whether an entity is an AFOF).
It is technically possible to be registered under Part 2 of that Act
without meeting the registration requirements of an AFOF, but you might still
not be entitled to exemption under this section.
Meaning of Australian venture capital fund of funds
- (3)
- A * limited
partnership is an Australian venture capital fund of funds at a particular
time if, at that time, the partnership's registration as an Australian venture
capital fund under Part 2 of the Venture Capital Act 2002 is, or is taken
to have been, in force.
For when the registration is, or is taken to have been, in force, see
section 13-10 of the Venture Capital Act 2002 .
Note: In this Act and
the Venture Capital Act 2002 , the term "Australian venture capital fund of
funds" is usually abbreviated to "AFOF".
Shares acquired by converting convertible notes
- (4)
- A partnership that
acquired a * share in a company by converting a * convertible note, or a
convertible preference share, issued by the company is treated, for the
purposes of subparagraphs (1)(f)(ii) and (2)(e)(ii), as having owned the
share from the time when it last acquired the convertible note or convertible
preference share.
118-415 Exemption for certain venture capital investments by foreign residents
General
- (1)
- A * capital gain or a * capital loss from a * CGT event is
disregarded if:
- (a)
- the CGT event relates to an investment that you made that is an * eligible
venture capital investment; and
- (b)
- you were an * eligible venture capital investor when you made the
investment; and
- (c)
- at the time of the CGT event:
- (i)
- you owned the investment; and
- (ii)
- you had owned the investment for at least 12 months; and
- (iii)
- you were an eligible venture capital investor.
Meaning of eligible venture capital investor
- (2)
- An entity is an eligible
venture capital investor at a particular time if, at that time, the entity:
- (a)
- is a * tax-exempt non-resident; and
- (b)
- is registered under Part 3 of the Venture Capital Act 2002 .
Shares acquired by converting convertible notes
- (3)
- An entity that acquired
a * share in a company by converting a * convertible note, or a convertible
preference share, issued by the company is treated, for the purposes of
subparagraph (1)(c)(ii), as having owned the share from the time when it
last acquired the convertible note or convertible preference share.
118-420 Meaning of eligible venture capital partner etc.
- (1)
- A partner in a
* limited partnership is an eligible venture capital partner if:
- (a)
- the partner is a * tax-exempt non-resident; or
- (b)
- the partner is a * foreign venture capital fund of funds, and the sum of:
- (i)
- the partner's * committed capital in the partnership; and
- (ii)
- the sum of the amounts of committed capital in the partnership of any
entities that are * connected entities of the partner;
does not exceed 30% of the partnership's committed capital; or
- (c)
- the partner meets the requirements set out in subsection (6), and the
sum of:
- (i)
- the partner's committed capital in the partnership; and
- (ii)
- the sum of the amounts of committed capital in the partnership of any
entities that are connected entities of the partner;
is less than 10% of the partnership's committed capital.
Note: Subsection (7) prevents some trusts from being eligible venture
capital partners.
- (2)
- An entity that is an * associate of the partner only because the entity is
a partner in the partnership in question is taken not to be a * connected
entity of the partner for the purposes of subparagraphs (1)(b)(ii) and
(c)(ii).
- (3)
- An entity is a tax-exempt non-resident if:
- (a)
- the entity is a foreign resident; and
- (b)
- the entity is a resident of:
- (i)
- Canada; or
- (ii)
- France; or
- (iii)
- Germany; or
- (iv)
- Japan; or
- (v)
- the United Kingdom; or
- (vi)
- the United States of America; or
- (vii)
- any other foreign country prescribed by the regulations; and
- (c)
- the entity's income is exempt, or effectively exempt, from taxation in the
entity's country of residence.
- (4)
- An entity that is a * limited partnership is a foreign venture capital
fund of funds if:
- (a)
- the partnership was established by or under a law in force in, or in a
part of:
- (i)
- Canada; or
- (ii)
- France; or
- (iii)
- Germany; or
- (iv)
- Japan; or
- (v)
- the United Kingdom; or
- (vi)
- the United States of America; or
- (vii)
- any other foreign country prescribed by the regulations; and
- (b)
- every partner who is a * general partner is a resident of a country
referred to in paragraph (a); and
- (c)
- the partnership is not a general partner of a * VCLP.
- (5)
- An entity that is not a * limited partnership is a foreign venture capital
fund of funds if:
- (a)
- whether by operation of law or by election, the entity is not taxed as an
entity in its country of residence, but the entity's income is taxed to its
members according to their interests in the entity; and
- (b)
- the entity was established by or under a law in force in, or in a part of:
- (i)
- Canada; or
- (ii)
- France; or
- (iii)
- Germany; or
- (iv)
- Japan; or
- (v)
- the United Kingdom; or
- (vi)
- the United States of America; or
- (vii)
- any other foreign country prescribed by the regulations; and
- (c)
- the entity is a resident of a country referred to in paragraph (b);
and
- (d)
- the entity is not a * general partner of a * VCLP.
- (6)
- The requirements that a partner must meet for the purposes of
paragraph (1)(c) are that:
- (a)
- the partner must be a resident of:
- (i)
- Canada; or
- (ii)
- Finland; or
- (iii)
- France; or
- (iv)
- Germany; or
- (v)
- Italy; or
- (vi)
- Japan; or
- (vii)
- the Netherlands (excluding the Netherlands Antilles); or
- (viii)
- New Zealand; or
- (ix)
- Norway; or
- (x)
- Sweden; or
- (xi)
- Taiwan; or
- (xii)
- the United Kingdom; or
- (xiii)
- the United States of America; or
- (xiv)
- any other foreign country prescribed by the regulations; and
- (b)
- the partner must not be:
- (i)
- a * general partner of a * VCLP; or
- (ii)
- a * tax-exempt non-resident; or
- (iii)
- a * foreign venture capital fund of funds.
- (7)
- A trust is not an eligible venture capital partner if an Australian
resident:
- (a)
- is or is likely to become presently entitled, for the purposes of
Division 6 of Part III of the Income Tax Assessment Act 1936 , to;
or
- (b)
- has or is likely to have an individual interest, for the purposes of
Division 5 of Part III of the Income Tax Assessment Act 1936 , in;
a share of income of the trust, either directly or indirectly through one or
more interposed partnerships or trusts.
118-425 Meaning of eligible venture
capital investment
Requirements for an eligible venture capital investment
- (1)
- An investment is an eligible venture capital investment if:
- (a)
- it is * at risk; and
- (b)
- it is either:
- (i)
- an acquisition of * shares in a company; or
- (ii)
- an acquisition of options (including warrants) originally issued by a
company to acquire shares in the company; and
- (c)
- the company meets the requirements of subsections (2) to (7); and
- (d)
- the sum of:
- (i)
- the total amount that the partnership has invested in all the * equity
interests and * debt interests that the partnership owns in the company; and
- (ii)
- the total amount that the partnership has invested in all the equity
interests and debt interests that the partnership owns in any entities that
are * connected entities of the company;
does not exceed 30% of the partnership's * committed capital.
Location within Australia
- (2)
- The company:
- (a)
- must, at the time the investment is made, be an Australian resident; and
- (b)
- if at that time the entity making the investment does not own any other
investments in the companymust meet the following requirements:
- (i)
- more than 50% of the people who are currently engaged by the company to
perform services must perform those services primarily in Australia;
- (ii)
- more than 50% of its assets (determined by value) must be situated in
Australia;
during the whole of the period of 12 months, or such shorter period as the *
PDF Board determines under section 25-5 of the Venture Capital Act 2002
, starting from the time the investment is made.
However, subparagraph (b)(i) or (ii) does not apply to the company if the
PDF Board so determines under section 25-10 of the Venture Capital Act
2002 .
See subsection (10) for the value of assets.
Primary activity
- (3)
- The company must not have as its primary activity any of the following:
- (a)
- property development or land ownership;
- (b)
- finance, to the extent that it is any of the following:
- (i)
- banking;
- (ii)
- providing capital to others;
- (iii)
- leasing;
- (iv)
- factoring;
- (v)
- securitisation;
- (c)
- insurance;
- (d)
- construction (including extension, improvement or up-grading) or
acquisition of infrastructure facilities (within the meaning of
section 93L of the Development Allowance Authority Act 1992 ) or related
activities (within the meaning of section 93M of that Act), or both;
- (e)
- making investments, whether made directly or indirectly, that are directed
to deriving income in the nature of interest, rents, dividends, royalties or
lease payments.
For the purposes of this subsection, activities that are ancillary or
incidental to a particular activity are taken to form part of that activity.
Note: This requirement is ongoing. It is not limited to the circumstances at
the time the investment was made.
Investment in other entities etc.
- (4)
- The company must not:
- (a)
- invest, in another entity, any part of the amount invested, unless the
other entity:
- (i)
- is * connected with the company; and
- (ii)
- meets the requirements of subsections (3) to (7); or
- (b)
- in the capacity of a trustee, use any part of the amount invested.
However, this subsection does not prevent the company from depositing money
with an * ADI, or with a body authorised by or under a law of a foreign
country to carry on banking business in that country.
Note: This requirement
is ongoing. It is not limited to the circumstances at the time the investment
was made.
Registered auditor
- (5)
- The company must have as its auditor a person
registered as a company auditor under a law in force in a State or a
Territory.
Note: This requirement is ongoing. It is not limited to the circumstances at
the time the investment was made.
Permitted entity value
- (6)
- The company must not, immediately before the
investment is made, exceed the * permitted entity value.
Listing
- (7)
- The company must be a company whose * shares:
- (a)
- are, at the time the investment is made, not listed for quotation in the
official list of a stock exchange in Australia or a foreign country; or
- (b)
- are so listed at that time, but cease to be so listed at any time during
the 12 months after the investment is made.
Scrip for scrip investments
- (8)
- However, a company is taken to meet the
requirements of subsections (2) to (7) if:
- (a)
- the investment is an acquisition of * shares in that company in exchange
for shares in another company; and
- (b)
- at the time that the * VCLP, * AFOF or * eligible venture capital investor
in question acquired the shares being exchanged, the other company meets the
requirements of subsections (2) to (7), but not only because this
subsection applies to the other company; and
- (c)
- the shares in the other company that are being exchanged are all of the
shares in the other company that the entity making the investment owned at the
time of the exchange.
Debt interests
- (9)
- To avoid doubt, a * debt interest (including a *
convertible note) cannot be an eligible venture capital investment.
The value of an asset
- (10)
- The value of an asset of an entity for the
purposes of paragraph (2)(b) is the value of the asset as shown in:
- (a)
- the last audited accounts prepared for the entity for the purposes of the
Corporations Act 2001 that relates to a period ending less than 18 months
before that time; or
- (b)
- if there are no such audited accountsa statement, prepared in
accordance with the * accounting standards and audited by the entity's
auditor, showing that value as at a time no longer than 12 months before that
time.
118-430 Meaning of at risk
An * eligible venture capital investment is at risk if the entity that owns
the investment had no * arrangement as to:
- (a)
- the maintenance of the value of the shares; or
- (b)
- the maintenance of any earnings or other return that might be made from
owning the shares.
118-435 Special rule relating to investment in non-resident holding companies
- (1)
- A company that meets the requirements of subsections 118-425(6) and (7) is
treated as also meeting the requirements of subsections 118-425(2), (3), (4)
and (5) if:
- (a)
- it is a resident of:
- (i)
- Canada; or
- (ii)
- France; or
- (iii)
- Germany; or
- (iv)
- Japan; or
- (v)
- the United Kingdom; or
- (vi)
- the United States of America; or
- (vii)
- any other foreign country prescribed by the regulations; and
- (b)
- it beneficially owns all the * shares in another company; and
- (c)
- it does not carry on any * business other than to support the primary
activity of the other company; and
- (d)
- the other company meets the requirements of subsections 118-425(2) to (7).
- (2)
- However, if:
- (a)
- the company is so treated as meeting those requirements; and
- (b)
- the other company ceases to be an Australian resident at any time within
the period of 12 months after the day on which the first * eligible venture
capital investment was made in the company;
then:
- (c)
- any eligible venture capital investments already made in the
company cease to be eligible venture capital investments; and
- (d)
- any further investments made in the company are not eligible venture
capital investments.
118-440 Meaning of permitted entity value
- (1)
- An entity exceeds the
permitted entity value immediately before a proposed investment is made in the
entity if, at that time, the sum of the following exceeds $250 million:
- (a)
- the total value of the entity's assets;
- (b)
- the total value of the assets of any other entity * connected with the
entity to the extent that they are not reflected in the value of any assets
referred to in paragraph (a).
- (2)
- The total value of the assets of an entity is the total value of its
assets (both current and non-current) as shown in:
- (a)
- the last audited accounts prepared for the entity for the purposes of the
Corporations Act 2001 that relates to a period ending less than 18 months
before that time; or
- (b)
- if there are no such audited accountsa statement, prepared in
accordance with the * accounting standards and audited by the entity's
auditor, showing that value as at a time no longer than 12 months before that
time.
118-445 Meaning of committed capital
- (1)
- A partner's committed capital in a
partnership is the sum of the amounts that the partner may, under the
partnership agreement establishing the partnership, become obliged to
contribute to the partnership.
- (2)
- It does not matter whether:
- (a)
- the partner contributes all of those amounts; or
- (b)
- any amounts contributed are subsequently returned to the partner; or
- (c)
- the contributions give rise to * equity interests or * debt interests in
the partnership, or both.
- (3)
- A partnership's committed capital is the sum of the committed capital of
all of the partnership's partners.
7 Subdivision 118-G (heading)
Repeal the heading, substitute:
Subdivision 118-GVenture capital: investment by foreign
superannuation funds
8 Subsection 995-1(1)
Insert:
"AFOF" means an *
Australian venture capital fund of funds.
9 Subsection 995-1(1)
Insert:
"at risk" has the meaning given by
section 118-430.
10 Subsection 995-1(1)
Insert:
"Australian venture capital fund of funds"
has the meaning given by subsection 118-410(3).
11 Subsection 995-1(1)
Insert:
"committed capital" of a partnership has the
meaning given by section 118-445.
12 Subsection 995-1(1)
Insert:
"eligible venture capital investment" has
the meaning given by section 118-425.
Note: This meaning is also affected by subsection 118-435(2).
13 Subsection 995-1(1)
Insert:
"eligible venture capital investor" has the
meaning given by subsection 118-415(2).
14 Subsection 995-1(1)
Insert:
"eligible venture capital partner" has the
meaning given by section 118-420.
15 Subsection 995-1(1)
Insert:
"foreign venture capital fund of funds" has
the meaning given by subsections 118-420(4) and (5).
16 Subsection 995-1(1) (definition of general partner)
Omit " * corporate
limited partnership", substitute " * limited partnership".
17 Subsection
995-1(1)
Insert:
"investment registration requirement":
- (a)
- in relation to a * VCLPhas the meaning given by subsection 9-1(2) of
the Venture Capital Act 2002 ; and
- (b)
- in relation to an * AFOFhas the meaning given by subsection 9-5(2)
of the Venture Capital Act 2002 .
18 Subsection 995-1(1)
Insert:
"limited partner" means a partner of a *
limited partnership whose liability in relation to the partnership is limited.
19 Subsection 995-1(1)
Insert:
"PDF Board" means the PDF Registration Board
established under section 5 of the Pooled Development Funds Act 1992 .
20 Subsection 995-1(1)
Insert:
"permitted entity value" has the meaning
given by section 118-440.
21 Subsection 995-1(1)
Insert:
"registration requirements of an AFOF "has
the meaning given by subsection 9-5(1) of the Venture Capital Act 2002 .
22 Subsection 995-1(1)
Insert:
"registration requirements of a VCLP "has
the meaning given by subsection 9-1(1) of the Venture Capital Act 2002 .
23 Subsection 995-1(1)
Insert:
"tax-exempt non-resident" has the meaning
given by subsection 118-420(3).
24 Subsection 995-1(1)
Insert:
"unconditionally registered": a * VCLP or *
AFOF is unconditionally registered if its registration under the
Venture Capital Act 2002 is not based, or is no longer based, on its
conditional registration under section 13-5 of that Act.
25 Subsection 995-1(1)
Insert:
"VCLP" means a * venture capital limited
partnership.
26 Subsection 995-1(1)
Insert:
"venture capital limited partnership" has
the meaning given by subsection 118-405(2).
27 Application
The amendments made by this Schedule apply, and are taken to
have applied, to CGT events relating to investments made on or after
1 July 2002.
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