Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (54 of 2016)

Schedule 2   Venture capital investment

Part 3   Removing the ESVCLP divestiture registration requirement

Income Tax Assessment Act 1997

8   After subsection 51-54(1)


(1A) An entity's share of any gain or profit made:

(a) by an *ESVCLP that is *unconditionally registered; and

(b) from the disposal or other realisation of an *eligible venture capital investment;

is exempt from income tax to the extent that, were that disposal or other realisation to be a *disposal of a *CGT asset, the equivalent *capital gain arising from the *CGT event would be disregarded because of a partial exemption from the CGT event under section 118-408.