Tax Laws Amendment (2007 Measures No. 2) Act 2007 (78 of 2007)

Schedule 8   Venture capital

Part 1   Venture capital limited partnerships

Venture Capital Act 2002

83   After subsection 25-15(1)

Insert:

(1A) The *Venture Capital Registration Board may, on the application of a *general partner of a partnership registered as a *VCLP, an *ESVCLP or an *AFOF, determine that:

(a) a unit trust’s primary activity is not an ineligible activity mentioned in subsection 118-427(14) of the Income Tax Assessment Act 1997; and

(b) the unit trust’s failure to satisfy at least 2 of the requirements in subsection 118-427(4) of that Act is temporary and did not exist at the time the relevant investment in the unit trust was made and, if it has been disposed of, when it was disposed of.