Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 15.10

                   A * general partner of a partnership registered under this Part as a * VCLP, an * ESVCLP or an * AFOF must, within one month after the end of each * quarter, give * Innovation Australia a written return that includes:

                     (a)  details of any investments it has made during the quarter, and the consideration given for those investments; and

                     (b)  details of any disposals of investments during the quarter, and any profit derived or loss incurred from those disposals (including details of how that profit or loss was calculated); and

                     (c)  for each investment in a company made during the quarter--a statement from a general partner as to whether:

                              (i)  the company met the requirements of subsections 118‑425(3), (4) and (5) of the Income Tax Assessment Act 1997 at all times during the quarter after the investment was made; and

                             (ii)  if subsection 118‑425(11) of that Act applied to the company in relation to another company--the other company failed to meet the requirements of subparagraph 118‑425(11)(d)(i) of that Act at any time during the quarter after the investment was made; and

                            (iii)  if subsection 118‑425(11) of that Act applied to the company in relation to a unit trust--the unit trust failed to meet the requirements of subparagraph 118‑425(11)(d)(ii) of that Act at any time during the quarter after the investment was made; and

                     (d)  for each disposal of an investment in a company during the quarter--a statement from a general partner as to whether:

                              (i)  the company met the requirements of subsections 118‑425(3), (4) and (5) of the Income Tax Assessment Act 1997 at all times during the quarter up to the day of disposal; and

                             (ii)  if subsection 118‑425(11) of that Act applied to the company in relation to another company--the other company failed to meet the requirements of subparagraph 118‑425(11)(d)(i) of that Act at any time during the quarter up to the day of disposal; and

                            (iii)  if subsection 118‑425(11) of that Act applied to the company in relation to a unit trust--the unit trust failed to meet the requirements of subparagraph 118‑425(11)(d)(ii) of that Act at any time during the quarter up to the day of disposal; and

                     (e)  for each investment in a unit trust made during the quarter--a statement from a general partner as to whether the unit trust met the requirements of subsections 118‑427(4), (5) and (6) of the Income Tax Assessment Act 1997 at all times during the quarter after the investment was made; and

                      (f)  for each disposal of an investment in a unit trust during the quarter--a statement from a general partner as to whether the unit trust met those requirements at all times during the quarter up to the day of disposal.