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

74   After subsection 275-100(1)

Insert:

(1A) Without limiting paragraph (1)(b), if:

(a) a *VCLP or an *ESVCLP owns a *CGT asset at the time referred to in that paragraph; and

(b) at that time, the *managed investment trust has an interest in the asset as a *limited partner of the VCLP or ESVCLP;

for the purposes of that paragraph, the managed investment trust is taken to own the asset to the extent of that interest.