Income Tax Assessment Act 1997
A company that meets the requirements of subsections 118-425(6) and (7) is treated as also meeting the requirements of subsections 118-425(2) , (3) , (4) , (4A) and (5) if:
(a) it is a resident of:
(i) Canada; or
(ii) France; or
(iii) Germany; or
(iv) Japan; or
(v) the United Kingdom; or
(vi) the United States of America; or
(vii) any other foreign country prescribed by the regulations; and
(b) it beneficially owns all the *shares in another company or all the units in a unit trust; and
(c) it does not carry on any *business other than to support the primary activity of the other company or unit trust; and
(d) the other company meets the requirements of subsections 118-425(2) to (7), or the unit trust meets the requirements of subsections 118-427(3) to (8) , as the case requires.
(a) the company is so treated as meeting those requirements; and
(b) at any time within the period of 12 months after the day on which the first *eligible venture capital investment was made in the company:
(i) the other company ceases to be an Australian resident; or
as the case requires;
(ii) the unit trust ceases to carry on *business in Australia;
(c) any eligible venture capital investments already made in the company or unit trust cease to be eligible venture capital investments; and
(d) any further investments made in the company or unit trust are not eligible venture capital investments.
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