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
66 Subsection 118-427(6)
Repeal the subsection, substitute:
(6) The unit trust must have as its auditor a *registered auditor at all times (if any) referred to in subsection (6A) during which the unit trust:
(a) if it were a company:
(i) would not be a proprietary company within the meaning of the Corporations Act 2001; or
(ii) would be a large proprietary company within the meaning of that Act; or
(b) would exceed the *permitted entity value if the amount provided for under subsection 118-440(9) were $12.5 million.
Note: This requirement is ongoing.
(6A) The times are:
(a) the end of the income year in which the investment is made; and
(b) all times after the end of that income year.