INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 26 - Some amounts you cannot deduct, or cannot deduct in full  

Operative provisions  

SECTION 26-68   Loss from disposal of eligible venture capital investments  

Partners in VCLPs and ESVCLPs

26-68(1)  
You cannot deduct under this Act your share of a loss made from the disposal or other realisation of an * eligible venture capital investment if:


(a) it is made by a * VCLP, or an *ESVCLP, that is * unconditionally registered; and


(b) were that disposal or other realisation to be a * disposal of a * CGT asset, your share of any * capital gain or * capital loss would be disregarded under section 118-405 or 118-407 .

Partners in AFOFs

26-68(2)  
You cannot deduct under this Act your share of a loss made from the disposal or other realisation of an * eligible venture capital investment if:


(a) it is made by:


(i) an * AFOF that is * unconditionally registered; or

(ii) a * VCLP, or an *ESVCLP, that is unconditionally registered and in which an AFOF that is * unconditionally registered is a partner; and


(b) were that disposal or other realisation to be a * disposal of a * CGT asset, your share of any * capital gain or * capital loss would be disregarded under section 118-410 .

Eligible venture capital investors

26-68(3)  
You cannot deduct under this Act a loss made from the disposal or other realisation of an * eligible venture capital investment if:


(a) you are an * eligible venture capital investor; and


(b) were that disposal or other realisation to be a * disposal of a * CGT asset, any * capital gain or * capital loss would be disregarded under section 118-415 .


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