Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (54 of 2016)

Schedule 2   Venture capital investment

Part 8   Auditing requirements

Income Tax Assessment Act 1997

65   After subsection 118-425(10)

Insert:

(10A) However, for the purposes of this section, the value of the asset or investment at that time is the value provided for by section 118-450 if:

(a) there are no such audited accounts; and

(b) the entity does not have an auditor at that time; and

(c) the entity is not required under subsection (5) of this section to have an auditor at that time.