VENTURE CAPITAL ACT 2002

PART 4 - DETERMINATIONS BY INNOVATION AND SCIENCE AUSTRALIA CONCERNING CERTAIN INVESTMENTS  

Division 25 - Determinations by Innovation and Science Australia concerning certain investments  

SECTION 25-1   WHAT THIS DIVISION IS ABOUT  


Innovation and Science Australia can make determinations having the effect of relaxing the requirements of paragraphs 118-425(2)(b) and 118-427(3)(c) of the Income Tax Assessment Act 1997 .

Note 1:

Paragraph 118-425(2)(b) of the Income Tax Assessment Act 1997 is about how closely a company is connected with Australia. Paragraph 118-427(3)(c) of that Act is about how closely a unit trust is connected with Australia. These paragraphs are one of the requirements that a company or unit trust must meet in order for investments in the company or unit trust to be eligible venture capital investments.

Note 2:

The capital gains tax exemption under Subdivision 118-F of that Act only applies in relation to eligible venture capital investments.




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