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INCOME TAX ASSESSMENT ACT 1997 - SECT 118.400 What this Subdivision is about

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.400

What this Subdivision is about

You can ignore capital gains and capital losses from CGT events that relate to investments, in Australian companies and unit trusts (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 or early stage 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.

However, unless investments are made through early stage venture capital limited partnerships, you must be a foreign resident for this Subdivision to apply.

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.

Table of sections

Operative provisions

118 - 405   Exemption for certain foreign venture capital investments through venture capital limited partnerships

118 - 407   Exemption for certain venture capital investments through early stage venture capital limited partnerships

118 - 408   Partial exemption for some capital gains otherwise fully exempt under section   118 - 407

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 --investments in companies

118 - 427   Meaning of eligible venture capital investment --investments in unit trusts

118 - 428   Additional investment requirements for ESVCLPs

118 - 430   Meaning of at risk

118 - 432   Findings of substantially novel applications of technology

118 - 435   Special rule relating to investment in foreign resident holding companies

118 - 440   Meaning of permitted entity value

118 - 445   Meaning of committed capital

118 - 450   Values of assets and investments of entities without auditors

118 - 455   Impact Assessment of this Subdivision

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