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INCOME TAX ASSESSMENT ACT 1997 - SECT 26.68 Loss from disposal of eligible venture capital investments

INCOME TAX ASSESSMENT ACT 1997 - SECT 26.68

Loss from disposal of eligible venture capital investments

Partners in VCLPs and ESVCLPs

  (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, or an * ESVCLP, 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 or 118 - 407.

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, 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, 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.

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