Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (54 of 2016)
Schedule 2 Venture capital investment
Part 6 Foreign venture capital funds of funds
Income Tax Assessment Act 1997
47 After subsection 118-420(5)
(6) An entity is a widely held foreign venture capital fund of funds if:
(a) the entity is a *foreign venture capital fund of funds; and
(b) the entity is a *widely held entity; and
(c) *eligible venture capital partners (other than foreign venture capital fund of funds) ultimately hold the rights to at least 90% of the entity's income; and
(d) each other entity who:
(i) if the entity is a *limited partnership - is a *general partner of the partnership; or
(ii) otherwise - exercises day to day control of the entity;
is a *foreign resident.
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