Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (54 of 2016)
Schedule 2 Venture capital investment
Part 9 Managed investment trusts
Income Tax Assessment Act 1997
73 After subsection 275-10(4)
(4A) In determining whether a trust is covered by subsection (4), disregard any interest that the trust has in a *VCLP or an *ESVCLP unless:
(a) the trust is a *general partner of the VCLP or ESVCLP; or
(b) the trust has *committed capital in the partnership that, taken together with the sum of the amounts of committed capital in the partnership of any of that partner's *associates (other than associates to whom subsection (4B) applies), exceeds 30% of the partnership's committed capital.
(4B) This subsection applies to:
(a) an *ADI; or
(b) a *life insurance company; or
(c) a public authority:
(i) that is constituted by a law of a State or internal Territory; and
(ii) that carries on life insurance business within the meaning of section 11 of the Life Insurance Act 1995; or
(d) a widely-held complying superannuation fund within the meaning of section 4A of the Pooled Development Funds Act 1992; or
(e) a *widely held foreign venture capital fund of funds.