TAXATION LAWS AMENDMENT (VENTURE CAPITAL) ACT 2002 NO. 136, 2002 - SCHEDULE 4 - Consequential amendments relating to the Venture Capital Act 2002

Commonwealth Numbered Acts

- Consequential amendments relating to the Venture Capital Act 2002

1 Subsection 995(1)

Insert:

"form approved by the PDF Board" has the same meaning as in section 33-5 of the Venture Capital Act 2002 .

2 Subsection 995-1(1)

Insert:

"permitted loan "has the same meaning as in section 9-10 of the Venture Capital Act 2002 .

3 Subsection 4(1)

Insert:

"AFOF" means an Australian venture capital fund of funds within the meaning of subsection 118- 410(3) of the Income Tax Assessment Act 1997 .

4 Subsection 4(1)

Insert:

"limited partnership" has the same meaning as in the Income Tax Assessment Act 1997 .

5 Subsection 4(1)

Insert:

"VCLP" means a venture capital limited partnership within the meaning of subsection 118-405(2) of the Income Tax Assessment Act 1997 .

6 At the end of section 6

Add:

(a): registering limited partnerships as VCLPs or AFOFs under Part 2 of the Venture Capital Act 2002 ; and
(b): registering entities as eligible venture capital investors under Part 3 of that Act; and
(c): making determinations under Part 4 of that Act; and
(d): giving information it obtains under those Parts to the Commissioner of Taxation for the purposes of implementing and administering the taxation law (within the meaning of the Taxation Administration Act 1953 ).

7 Paragraph 71(1)(d)

After "Act", insert "or the Venture Capital Act 2002 ".

8 Subsection 71(5) (at the end of the definition of tax law)

Add "and includes the Venture Capital Act 2002 ".

9 At the end of subsection 72(1)

Add:

(d): the Board's powers to register entities as eligible venture capital investors or revoke registration under Part 3 of the Venture Capital Act 2002 ; and
(e): the Board's powers to make determinations under Part 4 of the Venture Capital Act 2002 .

10 At the end of subsection 73(1)

Add:

(d): the Board's powers to register entities as eligible venture capital investors or revoke registration under Part 3 of the Venture Capital Act 2002 ; and
(e): the Board's powers to make determinations under Part 4 of the Venture Capital Act 2002 .

11 At the end of subsection 74(2)

Add:

(d): registering entities as eligible venture capital investors or revoking registration under Part 3 of the Venture Capital Act 2002 ; or
(e): making determinations under Part 4 of the Venture Capital Act 2002 .