Tax Laws Amendment (2004 Measures No. 3) Act 2004 (105 of 2004)

Schedule 1   Venture capital

Part 1   Tax amendments

Income Tax Assessment Act 1997

9   Subsection 118-425(5)

Repeal the subsection, substitute:

Registered auditor

(5) The company must have as its auditor:

(a) a person registered as a company auditor under a law in force in a State or a Territory; or

(b) if the company is no longer an Australian resident - a person registered as a company auditor under a law in force in the country of which the company is a resident.

Note: This requirement is ongoing. It is not limited to the circumstances at the time the investment was made.