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:

Registered auditor

(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.