Subdiv 61-P inserted by No 54 of 2016, s 3 and Sch 2 item 2, applicable in relation to contributions made on or after 1 July 2016 to an ESVCLP that became registered, under subsection
13-1(1A)
of the
Venture Capital Act 2002
, on or after 7 December 2015 (whether or not it was conditionally registered, under subsection
13-5(1A)
of that Act, before that day). No 54 of 2016, s 3 and Sch 2 item 5 contains the following provision:
5 Contributions made to ESVCLPs in previous income years
5
Subdivision 61-P of the
Income Tax Assessment Act 1997
as added by this Part, and item 4 of this Part, apply in relation to the first income year starting on or after 1 July 2016 (the
initial income year
) as if:
(a)
any contribution that a limited partner of an ESVCLP made to the ESVCLP during an earlier income year were made during the initial income year; and
(b)
any eligible venture capital investments made by the ESVCLP:
(i)
during an earlier income year; and
(ii)
after the first contribution made by the partner to the ESVCLP;
were made during the initial income year.