Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

Subdivision 118-G - Venture capital: investment by superannuation funds for foreign residents  

SECTION 118-505   Exemption for certain foreign venture capital  

118-505(1)    
A * capital gain or * capital loss is disregarded if it is made from a * CGT event happening in relation to a * CGT asset that is * venture capital equity where the asset:

(a) was * acquired by a * venture capital entity; and

(b) at the time of the CGT event:

(i) was owned by that entity; and

(ii) had been owned by that entity for at least 12 months.

118-505(2)    
The * venture capital entity must be registered under Part 7A of the Pooled Development Funds Act 1992 at the time of the * CGT event.