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

69   After subsection 118-440(2)

Insert:

(2A) However, for the purposes of this section, the total value of its assets at that time is the sum of the values of those assets 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 118-425(5) or 118-427(6) to have an auditor at that time.