Source: https://www.legislation.gov.au/Details/C2007A00078
Timestamp: 2019-11-21 03:54:03
Document Index: 453896602

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'arts 1', 'art 1', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 3', 'art 2', 'art 2', 'art 4', 'art 4', 'art 4', 'art 4', 'art 5']

Details: C2007A00078
- C2007A00078
Act No. 78 of 2007 as made
Originating Bill: Tax Laws Amendment (2007 Measures No. 2) Bill 2007
C2007A00078
No. 78, 2007
Schedule 1—Effective life provisions 4
Schedule 2—Taxation of boating activities 6
A New Tax System (Goods and Services Tax) Act 1999 10
Schedule 3—Research and development 13
Schedule 4—Donation of listed shares to deductible gift recipients 17
Schedule 5—Specifically listed deductible gift recipients 21
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 22
Schedule 6—Deductions for contributions relating to fund‑raising events 23
Schedule 7—Technical corrections 25
Schedule 8—Venture capital 28
Part 1—Venture capital limited partnerships 28
Venture Capital Act 2002 41
Part 2—Early stage venture capital limited partnerships 49
Pooled Development Funds Act 1992 62
Venture Capital Act 2002 63
Part 3—The Venture Capital Registration Board 75
Income Tax Assessment Act 1997 75
Pooled Development Funds Act 1992 76
Venture Capital Act 2002 76
Part 4—Pooled development funds 89
Pooled Development Funds Act 1992 89
Part 5—Conditional registration 90
Venture Capital Act 2002 90
This Act may be cited as the Tax Laws Amendment (2007 Measures No. 2) Act 2007.
3. Schedule 7, item 1
4. Schedule 7, items 2 to 14
5. Schedule 7, items 15 and 16
6. Schedule 8, Parts 1 to 4
(c) the amendment is made for the purpose of giving effect to Schedule 1.
Schedule 1—Effective life provisions
1 Subsection 40‑95(7) (table items 11, 12 and 13)
2 Subsection 40‑95(8)
After “*IRU”, insert “or a *mining, quarrying or prospecting right”.
3 At the end of section 40‑95
(10) The effective life of a *mining, quarrying or prospecting right is the period you work out yourself by estimating the period (in years, including fractions of years) set out in column 3 of this table:
A *mining, quarrying or prospecting right relating to *mining operations (except obtaining *petroleum or quarry materials)
The life of the mine or proposed mine to which the right relates or, if there is more than one, the life of the mine that has the longest estimated life
A *mining, quarrying or prospecting right relating to *mining operations to obtain *petroleum
The life of the petroleum field or proposed petroleum field to which the right relates
A *mining, quarrying or prospecting right relating to *mining operations to obtain quarry materials
The life of the quarry or proposed quarry to which the right relates or, if there is more than one, the life of the quarry that has the longest estimated life
(a) as from the *start time of the *mining, quarrying or prospecting right; and
(b) by reference only to the period of time over which the reserves, reasonably estimated using an appropriate accepted industry practice, are expected to be extracted from the mine, petroleum field or quarry.
4 Subsection 40‑105(4)
(b) *mining, quarrying or prospecting rights.
5 After subsection 40‑110(3)
(3A) Subsections (1), (2) and (3) do not apply to a *depreciating asset that is a *mining, quarrying or prospecting right.
(3B) You may choose to recalculate the *effective life of a *mining, quarrying or prospecting right from a later income year if the effective life you have been using is no longer accurate because of changed circumstances relating to an existing or proposed mine, petroleum field or quarry to which that right relates.
6 Subsection 40‑110(4)
(b) if the *depreciating asset is a *mining, quarrying or prospecting right—subsections 40‑95(10) and (11).
The amendments made by this Schedule apply to assessments for the income year in which 1 July 2001 occurred and later income years.
Schedule 2—Taxation of boating activities
1 After section 26‑45
26‑47 Non‑business boating activities
(1) The object of this section is to improve the integrity of the taxation system by preventing deductions from boating activities that are not carried on as a *business being offset against other assessable income.
(2) This Act applies to you as if so much of the amounts relating to using or *holding boats that you could otherwise deduct for an income year as exceeds your assessable income from using or holding boats for that year:
(b) were an amount (a quarantined amount) relating to using or holding boats that you can deduct for the next income year.
Note: A quarantined amount may be reduced under subsection (5) (for boat capital gains), reduced under subsection (7) (where you deduct part of a quarantined amount under subsection (6) for boat business profits), reduced under subsection (8) (about exempt income) or affected by subsection (10) (about bankruptcy).
Example: Ian does not use his boat in a business. In Year 1, Ian would be able to claim $100,000 in deductions for the boat (but for this subsection), including interest, depreciation and running costs. He earns only $40,000 of income from the boat. He can only deduct $40,000. He carries the remaining $60,000 forward to Year 2 (the quarantined amount).
(3) The rule in subsection (2) does not apply to amounts that are attributable to one or more of the following:
(b) using a boat (or holding it) mainly for letting it on hire in the ordinary course of a *business that you *carry on;
Note: Even if this exception applies to you, you may still have to quarantine losses under Division 35 (deferral of losses from non‑commercial business activities).
(4) The rule in subsection (2) does not apply to so much of an amount you incur in *providing a *fringe benefit.
Modification if you have boat capital gains
(5) You reduce a quarantined amount you have for an income year by so much of that amount as is applied under section 118‑80 to reduce a *capital gain you have for the year in relation to a boat. You make this reduction before you deduct an amount under subsection (6).
Deduction if you have boat business profits
(6) You can deduct all or part of your remaining quarantined amount for an income year if your assessable income for the year from activities of a kind referred to in subsection (3) exceeds your deductions for the year relating to those activities. The amount you can deduct is the lesser of that excess and that remaining quarantined amount.
(7) You reduce your quarantined amount for the year by the amount you deduct. You make this reduction before a reduction under subsection (8).
Modification if you have exempt income
(8) You reduce any remaining quarantined amount you have for an income year by so much of your *net exempt income as is not applied for that income year under section 35‑15 (about non‑commercial business activities) or section 36‑10 or 36‑15 (about tax losses).
(9) The modification in subsection (10) has effect if:
(a) in an income year (the current year) you become bankrupt or are released from a debt by the operation of an Act relating to bankruptcy; or
(10) This Act applies to you as if any amount that:
(b) has not been applied under section 118‑80 and that you have not yet deducted;
2 At the end of section 110‑38
(5) Expenditure does not form part of any element of the cost base to the extent that section 26‑47 prevents it being deducted.
Note: Section 26‑47 denies deductions for the excess of boat expenditure over boat income.
3 After subsection 110‑55(9D)
(9E) Expenditure does not form part of the reduced cost base to the extent that section 26‑47 prevents it being deducted.
4 At the end of Subdivision 118‑A
Boat capital gains
118‑80 Reduction of boat capital gain
A *capital gain you make from a *CGT event happening in relation to a boat for an income year is reduced by an amount that is a quarantined amount for you for the income year under subsection 26‑47(2).
5 Paragraph 69‑5(3)(e)
Omit “or boat”.
6 Section 12‑5 (table item relating to boats)
deferral of deductions ............................................................
26‑47
7 Section 26‑50 (heading)
26‑50 Expenses for a leisure facility
8 Paragraph 26‑50(1)(a)
9 Paragraphs 26‑50(1)(b) to (g)
Omit “*leisure facility or boat”, substitute “leisure facility”.
10 Subsection 26‑50(1)
Omit “, (5), (6)”.
11 Subsections 26‑50(5) and (6)
12 Subsection 26‑50(7)
Omit “or boat” (first occurring).
13 Subsection 26‑50(7)
14 Paragraph 26‑50(7)(a)
15 Subsection 40‑25(3) (heading)
16 Subsection 40‑25(3)
Omit “or a boat”.
17 Subsection 40‑25(4)
Schedule 3—Research and development
1 Subsections 73H(1) and (2)
Omit “72L”, substitute “73L”.
2 Subsection 73I(2)
(2) The choice must be made:
(a) in the company’s return of income for the tax offset year; or
(i) for a year of income starting before the commencement of this subsection—before the end of the period that the Commissioner could amend an assessment for the company assuming such an assessment were made at that commencement; or
(ii) otherwise—before the end of the period that the Commissioner could amend an assessment for the company for the tax offset year.
3 After section 73I
73IA Objections
(1) The Commissioner may give an eligible company a written notice specifying the amount of a tax offset allowable to the company under section 73I. The notice must specify that it was issued under this subsection and may contain such other information as the Commissioner thinks fit.
(2) If an eligible company is dissatisfied with the notice, the company may object in the manner set out in Part IVC of the Taxation Administration Act 1953.
The amendment made by item 3 applies to years of income commencing on or after 1 July 2001.
5 Paragraph 73J(1)(b)
(i) all or part of the amount that the company could, apart from subsection 73I(4), have deducted is contracted expenditure; or
The amendment made by item 5 applies to expenditure incurred in years of income commencing on or after the day on which this Act receives the Royal Assent.
7 Paragraph 73J(1)(c)
Omit “taxpayers”, substitute “persons”.
8 Subsection 73J(1) (note)
10 Subsection 73P(2)
commercial ready grant means a subsidy or grant that:
(a) is paid to an eligible company under the program known as the Commercial Ready program; and
(b) includes a component for activities of the company that are research and development activities, or would be, apart from subsection 73B(2BA); and
(c) is for a year of income in relation to which the company is not registered as mentioned in subsection 73B(10).
The amendment made by item 10 applies to payments received on or after 6 May 2004.
12 Paragraphs 73Q(1)(a) and (b)
After “incremental expenditure”, insert “incurred during its group membership period”.
13 Subsection 73Q(3)
The amendments made by items 12 and 13 apply to assessments for the year of income following the year of income in which this Act receives the Royal Assent and later years.
15 Subsection 73Q(3)
After “start grant”, insert “or a commercial ready grant”.
17 Section 73S
Omit “or 73V”, substitute “, 73V or 73W”.
The amendment made by item 17 applies to years of income commencing on or after 1 July 2001.
19 Subsection 73X(1)
(1) The premium amount is distributed between each group member (the increasing members) that increased its incremental expenditure incurred during its group membership period for the Y0 year of income over the average of its incremental expenditure incurred during its group membership period for the Y‑1, Y‑2 and Y‑3 years of income.
The amendment made by item 19 applies to assessments for the year of income following the year of income in which this Act receives the Royal Assent and later years.
21 Section 12‑5 (at the end of the table item headed “research & development”)
175% deduction ......................................................................
73P to 73Z
22 After paragraph 14ZW(1)(bb)
(bc) if the taxation objection is made under subsection 73IA(2) of the Income Tax Assessment Act 1936:
(i) if item 2 or 3 of the table in subsection 170(1) of that Act would apply to an assessment of the person for the tax offset year referred to in section 73I of that Act—2 years after notice of the amount (if any) of a tax offset allowable to the person under section 73I of that Act is given to the person; or
(ii) otherwise—4 years after the notice concerned is given to the person; or
Schedule 4—Donation of listed shares to deductible gift recipients
1 Subsection 30‑15(2) (table item 1, at the end of the column headed “Type of gift or contribution”)
; or (e) *shares that you have acquired in a *listed public company if:
• the shares are listed for quotation in the official list of a stock exchange that is listed under the heading “Australia” in regulations made for the purposes of the definition of *approved stock exchange; and
• the *market value of the shares on the day you made the gift is $5,000 or less; and
• you acquire the shares at least 12 months before making the gift.
2 Subsection 30‑15(2) (paragraph (b) in the cell at table item 1, column headed “How much you can deduct”)
Omit “or property covered by paragraph (d)”, substitute “, property covered by paragraph (d) or shares covered by paragraph (e)”.
3 Subsection 30‑15(2) (table item 1, at the end of the column headed “How much you can deduct”)
; or (e) if the gift is shares described in paragraph (e) of the previous column—the market value of the shares on the day you made the gift.
4 Subsection 30‑15(2) (table item 2, at the end of the column headed “Type of gift or contribution”)
5 Subsection 30‑15(2) (paragraph (b) in the cell at table item 2, column headed “How much you can deduct”)
6 Subsection 30‑15(2) (table item 2, at the end of the column headed “How much you can deduct”)
7 Subsection 30‑15(2) (after paragraph (c) in the cell at table item 7, column headed “Type of gift or contribution”)
or (ca) *shares that you have acquired in a *listed public company if:
• the market value of the shares on the day you made the contribution is more than $150 and less than or equal to $5,000; and
• you acquire the shares at least 12 months before making the contribution;
8 Subsection 30‑15(2) (table item 7, at the end of the column headed “How much you can deduct”)
; or (ca) if the contribution is shares described in paragraph (ca) of the previous column—the market value of the shares on the day you made the contribution, reduced by the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund‑raising event.
9 Subsection 30‑15(2) (after paragraph (c) in the cell at table item 7, column headed “Special conditions”)
(ca) if the contribution is shares described in paragraph (ca) of the column headed “Type of gift or contribution”—the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund‑raising event must not exceed the lesser of:
• 20% of the market value of the shares on the day you made the contribution; and
• $150; and
The amendments made by this Schedule apply in relation to gifts and contributions made in an income year commencing on or after the day on which this Act receives the Royal Assent.
Schedule 5—Specifically listed deductible gift recipients
1 Subsection 30‑50(2) (table item 5.2.25)
Omit “27 August 2006”, substitute “28 August 2007”.
2 Section 30‑65 (table item 7.2.4)
Omit “Voluntary Service to Indigenous Communities Foundation”, substitute “Indigenous Community Volunteers Limited”.
3 Subsection 30‑80(2) (at the end of the table)
the gift must be made after 13 November 2006
the gift must be made after 18 December 2006 and before 19 December 2008
5 Subsection 30‑315(2) (after table item 2AC)
item 9.2.18
6 Subsection 30‑315(2) (after table item 28A)
28ABA
item 13.2.12
7 Subsection 30‑315(2) (after table item 60)
Indigenous Community Volunteers Limited
8 Subsection 30‑315(2) (table item 122A)
9 Item 12 of Schedule 3
Omit “, 5.2.22 and 5.2.25”, substitute “and 5.2.22”.
Schedule 6—Deductions for contributions relating to fund‑raising events
1 Subsection 30‑15(2) (paragraphs (a) and (b) of table item 7, column headed “Type of gift or contribution”)
Omit “$250”, substitute “$150”.
2 Subsection 30‑15(2) (paragraph (a) of table item 7, column headed “Special conditions”)
Omit “10%”, substitute “20%”.
3 Subsection 30‑15(2) (paragraph (a) of table item 7, column headed “Special conditions”)
Omit “$100”, substitute “$150”.
4 Subsection 30‑15(2) (paragraph (b) of table item 7, column headed “Special conditions”)
5 Subsection 30‑15(2) (paragraph (b) of table item 7, column headed “Special conditions”)
6 Subsection 30‑15(2) (paragraph (c) of table item 7, column headed “Special conditions”)
7 Subsection 30‑15(2) (paragraph (a) of table item 8, column headed “Type of gift or contribution”)
8 Subsection 30‑15(2) (paragraph (a) of table item 8, column headed “Special conditions”)
9 Subsection 30‑15(2) (paragraph (a) of table item 8, column headed “Special conditions”)
The amendments made by this Schedule apply, and are taken to have applied, in relation to contributions made on or after 1 January 2007.
1 Paragraph 272‑100(d) in Schedule 2F
Omit “persons all of whose income is exempt from tax under section 23, or under Division 50 of the Income Tax Assessment Act 1997,”, substitute “exempt entities”.
2 Paragraph 58‑5(2)(a)
Omit “exempt entity”, substitute “*exempt entity”.
3 Paragraph 58‑5(4)(a)
Before “an *exempt entity”, insert “the Commonwealth, a State, a Territory or”.
4 Paragraph 58‑5(4)(b)
Before “the exempt entity”, insert “the Commonwealth, the State, the Territory or”.
5 Paragraph 58‑5(5)(a)
Before “the *exempt entity”, insert “the Commonwealth, the State, the Territory or”.
6 Subsection 58‑10(1)
7 Paragraph 58‑10(1)(a)
8 Paragraph 58‑10(2)(a)
9 Subparagraph 58‑10(2)(b)(i)
Omit “person from the exempt entity or from an *associate of the exempt entity”, substitute “entity from the Commonwealth, the State, the Territory or the exempt entity or from an *associate of the Commonwealth, the State, the Territory or the exempt entity”.
10 Subparagraphs 58‑10(2)(b)(ii) and (iii)
Omit “person” (wherever occurring), substitute “entity”.
11 Paragraph 58‑10(2)(c)
Omit “person acquired another asset from the exempt entity or from an associate of the exempt entity”, substitute “entity acquired another asset from the Commonwealth, the State, the Territory or the exempt entity or from an associate of the Commonwealth, the State, the Territory or the exempt entity”.
12 Paragraph 58‑10(2)(c)
Before “the exempt entity” (last occurring), insert “the Commonwealth, the State, the Territory or”.
13 Paragraph 58‑85(1)(a)
14 Subsection 995‑1(1) (definition of exempt entity)
(a) an entity all of whose *ordinary income and *statutory income is exempt from income tax because of this Act or because of another *Commonwealth law, no matter what kind of ordinary income or statutory income the entity might have; or
(b) an *untaxable Commonwealth entity.
Note: See section 11‑5 for a list of entities of the kind referred to in paragraph (a).
Subsection 73J(2) of the Income Tax Assessment Act 1936 has effect for an eligible company, as if the amendment made by item 14 of this Schedule had not been made, during the period:
(a) starting at the start of the year of income of the company in which 1 July 2005 occurred; and
(b) ending at the end of the company’s year of income in which the day on which this Act receives the Royal Assent occurs.
16 Application: GST
For the purposes of subsection 69‑5(4) of the A New Tax System (Goods and Services Tax) Act 1999, the amendment made by item 14 of this Schedule applies to net amounts for tax periods starting on or after the day on which this Act receives the Royal Assent.
Schedule 8—Venture capital
Part 1—Venture capital limited partnerships
1 Section 118‑400
After “companies” (first occurring), insert “and unit trusts”.
2 Paragraph 118‑405(1)(c)
3 Subparagraph 118‑405(1)(d)(iv)
Omit “the registration”, substitute “the *registration”.
4 Subparagraph 118‑405(1)(d)(iv)
Omit “investment”, substitute “*investment”.
5 Subsection 118‑405(3) (heading)
6 At the end of section 118‑405
(4) A partnership that acquired a unit in a unit trust by converting a *convertible note issued by or on behalf of the trustee of the unit trust is treated, for the purposes of subparagraph (1)(d)(ii), as having owned the unit from the time when it last acquired the convertible note.
(5) Subsection (3) or (4) applies whether or not the acquisition of the *convertible note, or convertible preference share, was an *eligible venture capital investment.
(6) A partnership that converts a *convertible note into a share or a unit is treated, for the purposes of subparagraph (1)(d)(ii), as continuing to own the convertible note until the partnership no longer owns the share or unit.
7 Paragraphs 118‑410(1)(c) and (d)
(c) when the investment was made, the partnership was an *Australian venture capital fund of funds that was *unconditionally registered; and
(d) when the investment was made, the VCLP or ESVCLP was unconditionally registered; and
8 Subparagraph 118‑410(1)(e)(ii)
9 Subparagraph 118‑410(1)(e)(ii)
10 Subparagraph 118‑410(1)(f)(iv)
11 Paragraph 118‑410(2)(b)
After “company”, insert “, or a unit trust,”.
12 Paragraph 118‑410(2)(c)
13 Subparagraph 118‑410(2)(e)(iv)
14 Subparagraph 118‑410(2)(e)(iv)
15 Subsection 118‑410(4) (heading)
16 At the end of section 118‑410
(5) A partnership that acquired a unit in a unit trust by converting a *convertible note issued by or on behalf of the trustee of the unit trust is treated, for the purposes of subparagraphs (1)(f)(ii) and (2)(e)(ii), as having owned the unit from the time when it last acquired the convertible note.
(6) Subsection (4) or (5) applies whether or not the acquisition of the *convertible note, or convertible preference share, was an *eligible venture capital investment.
(7) A partnership that converts a *convertible note into a share or a unit is treated, for the purposes of subparagraphs (1)(f)(ii) and (2)(e)(ii), as continuing to own the convertible note until the partnership no longer owns the share or unit.
17 Subsection 118‑415(3) (heading)
18 At the end of section 118‑415
(4) An entity that acquired a unit in a unit trust by converting a *convertible note issued by or on behalf of the trustee of the unit trust is treated, for the purposes of subparagraph (1)(c)(ii), as having owned the unit from the time when it last acquired the convertible note.
(6) An entity that converts a *convertible note into a share or a unit is treated, for the purposes of subparagraph (1)(c)(ii), as continuing to own the convertible note until the entity no longer owns the share or unit.
19 Paragraph 118‑420(1)(c)
Omit “meets the requirements set out in subsection (6)”, substitute “is a foreign resident who is not a *general partner of a *VCLP or an *ESVCLP and is neither a *tax‑exempt foreign resident nor a *foreign venture capital fund of funds”.
20 Paragraph 118‑420(3)(b)
(b) the entity is not a *general partner of a *VCLP or an *ESVCLP; and
21 Paragraph 118‑420(4)(a)
(a) the partnership was established in a foreign country; and
22 Paragraph 118‑420(4)(b)
Omit “a resident of a country referred to in paragraph (a)”, substitute “a foreign resident”.
23 Paragraph 118‑420(5)(b)
(b) the entity was established in a foreign country; and
24 Paragraph 118‑420(5)(c)
Omit “a resident of a country referred to in paragraph (b)”, substitute “a foreign resident”.
25 Subsection 118‑420(6)
26 Section 118‑425 (heading)
118‑425 Meaning of eligible venture capital investment—investments in companies
27 Paragraph 118‑425(1)(b)
28 Subparagraph 118‑425(1)(b)(ii)
29 At the end of paragraph 118‑425(1)(b)
(iii) an acquisition of *convertible notes (other than convertible notes that are *debt interests) issued by a company; and
30 At the end of subsection 118‑425(2)
Note: A company that fails to meet the requirements of this subsection can still be eligible in certain circumstances: see subsection (12A).
31 Subsection 118‑425(5)
After “company must”, insert “, at the end of, and at all times after the end of, the income year in which the investment is made,”.
32 Paragraphs 118‑425(5)(a) and (b)
Omit “a company auditor”, substitute “an auditor”.
33 Subsection 118‑425(5) (note)
Note: This requirement is ongoing.
34 Subsection 118‑425(9)
Omit “(including a *convertible note)”.
35 Subsection 118‑425(10) (heading)
36 Subsection 118‑425(10)
Omit “of an entity”, substitute “, or an investment, of an entity at a particular time”.
37 Subsection 118‑425(10)
After “the asset”, insert “or investment”.
38 Subparagraph 118‑425(11)(a)
After “options in”, insert “, or *convertible notes issued by,”.
39 Paragraph 118‑425(11)(b)
After “another company”, insert “or a unit trust”.
40 Subparagraph 118‑425(11)(c)(i)
41 Subparagraph 118‑425(11)(c)(iii)
After “other company”, insert “or unit trust”.
42 Paragraph 118‑425(11)(d)
(ii) the unit trust meets the requirements of subsections 118‑427(3) to (8);
43 After subsection 118‑425(12)
(12A) A company is taken to meet the requirements of subsection (2) in relation to an investment made by an entity if the sum of:
does not exceed 20% of the partnership’s *committed capital.
Note: See subsection (10) for the value of investments.
44 After section 118‑425
118‑427 Meaning of eligible venture capital investment—investments in unit trusts
(1) An investment is an eligible venture capital investment if:
does not exceed 30% of the partnership’s *committed capital.
(2) In applying subparagraph (1)(d)(ii), ignore an entity that is a *connected entity of the unit trust only because it is an *associate of the unit trust because of an investment made in the entity by the partnership.
(3) The unit trust:
(c) if at that time the entity making the investment does not own any other investments in the unit trust—must meet the following requirements:
during the whole of the period of 12 months, or such shorter period as the *Venture Capital Registration Board determines under section 25‑5 of the Venture Capital Act 2002, starting from the time the investment is made.
However, subparagraph (c)(i) or (ii) does not apply to the unit trust if the Venture Capital Registration Board so determines under section 25‑10 of the Venture Capital Act 2002.
Note: A company that fails to meet the requirements of this subsection can still be eligible in certain circumstances: see subsection (13).
(4) The unit trust must satisfy at least 2 of these requirements:
(a) more than 75% of the unit trust’s assets (determined by value) must be used primarily in activities that are not ineligible activities mentioned in subsection (14);
(c) more than 75% of the unit trust’s total assessable income, *exempt income and *non‑assessable non‑exempt income must come from activities that are not ineligible activities mentioned in subsection (14).
Note 1: This requirement is ongoing. It is not limited to the circumstances at the time the investment was made.
Note 2: See subsection (11) for the value of assets.
Note 3: A unit trust that fails to meet at least 2 of the requirements can still be eligible if the Venture Capital Registration Board determines that the unit trust’s primary activity is not ineligible and the failure is temporary: see subsection (15).
(5) The unit trust must not:
Note: This requirement is ongoing. It is not limited to the circumstances at the time the investment was made.
(6) The unit trust must, at the end of, and at all times after the end of, the income year in which the investment is made, have as its auditor:
(b) if the unit trust is no longer an Australian resident—a person registered as an auditor under a law in force in the country of which the unit trust is a resident.
(7) The unit trust must not, immediately before the investment is made, exceed the *permitted entity value.
(8) The unit trust must be a unit trust whose units:
Note: The additional requirements for ESVCLPs deal with listing in relation to initial investments by ESVCLPs in unit trusts: see paragraph 118‑428(1)(a).
(9) However, a unit trust is taken to meet the requirements of subsections (3) to (8) if:
(c) the units in the other unit trust that are being exchanged are all of the units in the other unit trust that the entity making the investment owned at the time of the exchange.
(10) To avoid doubt, a *debt interest cannot be an *eligible venture capital investment.
(11) The value of an asset or investment of an entity at a particular time for the purposes of this section is the value of the asset or investment as shown in a statement, prepared in accordance with the *accounting standards and audited by the entity’s auditor, showing that value as at a time no longer than 12 months before that time.
(12) If a group of entities:
(a) is treated as a *consolidated group because of a choice that a unit trust has made under section 713‑130; or
(ii) if a unit trust that is not a *corporate unit trust or a *public trading trust were such a trust and were to make such a choice;
(13) A unit trust is taken to meet the requirements of subsection (3) in relation to an investment made by an entity if the sum of:
Note: See subsection (11) for the value of investments.
(14) These activities are ineligible activities:
(d) construction (including extension, improvement or up‑grading) or acquisition of infrastructure facilities (within the meaning of section 93L of the Development Allowance Authority Act 1992) or related facilities (within the meaning of section 93M of that Act), or both;
Venture Capital Registration Board discretion
(15) A unit trust is taken to meet the requirements of subsection (4) even if it fails to satisfy at least 2 of the requirements in that subsection if the *Venture Capital Registration Board determines under section 25‑15 of the Venture Capital Act 2002 that:
(a) the unit trust’s primary activity is not an ineligible activity mentioned in subsection (14); and
(16) To the extent that an investment by an entity consists of the acquisition of a unit in a unit trust by converting a *convertible note issued by or on behalf of the trustee of the unit trust, the investment is, for the purpose of determining whether the unit trust meets the requirements of subsections (3) to (8), taken to have been made at the time when the entity last acquired the convertible note.
(17) Subsection (16) applies whether or not the acquisition of the *convertible note was an *eligible venture capital investment.
45 Paragraph 118‑430(a)
Omit “shares”, substitute “investment”.
46 Paragraph 118‑430(b)
Omit “shares”, substitute “investment, including (if the investment relates to a unit trust) the maintenance of any conferrals of present entitlement to income or capital of the unit trust or to any distributions of income or capital of the unit trust”.
47 Paragraph 118‑435(1)(b)
After “company”, insert “or all the units in a unit trust”.
48 Paragraph 118‑435(1)(c)
After “company”, insert “or unit trust”.
49 At the end of paragraph 118‑435(1)(d)
Add “, or the unit trust meets the requirements of subsections 118‑427(3) to (8), as the case requires”.
50 Paragraph 118‑435(2)(b)
51 Paragraphs 118‑435(2)(c) and (d)
After “company” (wherever occurring), insert “or unit trust”.
52 Subsection 118‑440(1) (note)
Note: The time the entity makes the investment is, for a share acquired by converting a convertible note or convertible preference share or for a unit in a unit trust acquired by converting a convertible note, the time when the entity last acquired the convertible note or convertible preference share: see subsections 118‑425(15) and 118‑427(16).
53 Subsection 995‑1(1) (definition of eligible venture capital investment)
Omit “section 118‑425”, substitute “sections 118‑425 and 118‑427”.
54 Paragraph 9‑1(1)(a)
55 Paragraph 9‑1(1)(d)
Omit “$20 million”, substitute “$10 million”.
56 Paragraph 9‑1(1)(e)
57 Subparagraph 9‑1(1)(e)(ii)
58 At the end of paragraph 9‑1(1)(e)
59 Paragraph 9‑1(1)(f)
Omit “or investments to which subparagraph (e)(ii) applies”, substitute “, investments to which subparagraph (e)(ii) applies or investments to which subparagraph (e)(iii) applies”.
60 Subparagraph 9‑5(1)(d)(ii)
61 Subparagraph 9‑5(1)(d)(iii)
62 At the end of paragraph 9‑5(1)(d)
63 Paragraph 9‑5(1)(e)
After “applies”, insert “or investments to which subparagraph (d)(iv) applies,”.
64 After paragraph 9‑10(1)(a)
65 Paragraph 15‑1(ga)
Omit all the words from and including “whether”, substitute:
66 After paragraph 15‑1(ga)
67 Paragraph 15‑10(c)
68 Paragraph 15‑10(d)
69 At the end of section 15‑10
70 Paragraph 21‑5(3)(d)
After “*company”, insert “or unit trust”.
71 Paragraph 21‑5(3)(d)
After “the company”, insert “or unit trust”.
72 Paragraph 21‑5(3)(f)
73 Paragraph 21‑20(1)(g)
74 Paragraph 21‑20(1)(h)
75 Paragraph 21‑20(1)(i)
76 At the end of subsection 21‑20(1)
77 Section 25‑1
Omit “paragraph 18‑425(2)(b)”, substitute “paragraphs 118‑425(2)(b) and 118‑427(3)(c)”.
78 Section 25‑1 (note)
79 After subsection 25‑5(1)
80 Subsection 25‑5(2)
Omit “The application”, substitute “An application under this section”.
81 After subsection 25‑10(1)
82 Subsection 25‑10(2)
83 After subsection 25‑15(1)
84 Subsection 25‑15(2)
The amendments of the Income Tax Assessment Act 1997 made by this Part apply to assessments for the 2007‑2008 year of income and later years of income.
Part 2—Early stage venture capital limited partnerships
ESVCLP means an early stage venture capital limited partnership within the meaning of subsection 118‑407(4) of the Income Tax Assessment Act 1997.
87 Subsections 18A(1) and (2)
After “VCLP”, insert “, an ESVCLP”.
Note: The heading to section 18A is altered by inserting “, ESVCLPs” after “VCLPs”.
88 Paragraphs 92(2AA)(b) and 92A(1)(b)
89 Subsection 94D(2)
90 Subsection 94D(2) (note 1)
91 Subsection 94D(2) (note 2)
After “VCLPs”, insert “, ESVCLPs”.
92 Subsection 94D(2) (note 3)
After “VCLP”, insert “, ESVCLP”.
93 Paragraph 94D(3)(a)
94 After subparagraph 94D(3)(a)(i)
95 Subparagraph 128B(3)(h)(ii)
96 Subsection 4‑10(2) (note 2)
97 Subsection 9‑5(2) (note 2)
98 Section 11‑15 (table item dealing with foreign investment)
99 Section 11‑15 (after the table item dealing with United Nations)
eligible venture capital investments, gain or profit from realisation of.....................................................................
eligible venture capital investments by ESVCLPs, income derived from.......................................................
venture capital equity, gain or profit from realisation of
100 Subsection 26‑68(1) (heading)
101 Paragraph 26‑68(1)(a)
After “*VCLP”, insert “, or an *ESVCLP,”.
102 At the end of paragraph 26‑68(1)(b)
Add “or 118‑407”.
103 Subparagraph 26‑68(2)(a)(ii)
104 Section 36‑25 (table headed “Tax losses of VCLPs, AFOFs and VCMPs”)
For the special rules about this situation ...
105 After section 51‑50
51‑52 Income derived from eligible venture capital investments by ESVCLPs
(1) An entity’s share of income derived from an *eligible venture capital investment is exempt from income tax if:
(2) An entity’s share of income derived from an *eligible venture capital investment is exempt from income tax if:
(3) However, if the entity is a *general partner in the partnership, this section does not apply to the entity unless the entity is:
(b) a resident of a foreign country in respect of which a double tax agreement (as defined in Part X of the Income Tax Assessment Act 1936) is in force that is an agreement of a kind referred to in subparagraph (b)(i), (ia), (ii), (iii), (iv) or (v) of that definition.
(4) For the purposes of this section, the place of residence of a *general partner in a *limited partnership:
Beneficiaries’ shares of capital gains made by unit trusts
(5) For the purposes of this section, an entity’s share of income derived from an *eligible venture capital investment that is an investment in a unit trust includes any present entitlement of the entity, as a beneficiary, to a share of an amount included in the assessable income of the unit trust under section 102‑5.
(6) This section does not apply to an entity’s share of income derived from an *eligible venture capital investment to the extent that the income is a payment of a *carried interest of a *general partner in an *ESVCLP or an *AFOF.
106 Subsection 51‑54(1) (heading)
107 Paragraph 51‑54(1)(a)
108 At the end of paragraph 51‑54(1)(b)
109 Subparagraph 51‑54(2)(a)(ii)
110 Subsections 104‑255(1) and (4)
After “*VCLP”, insert “, an *ESVCLP”.
111 Subsections 104‑255(4) and (5)
112 Paragraph 104‑255(6)(a)
After “*VCLP”, insert “, *ESVCLP”.
113 Paragraph 104‑255(6)(b)
114 Paragraph 116‑30(5)(a)
115 Subsection 118‑21(1)
116 Section 118‑400
Omit “Some foreign residents disregard”, substitute “You can ignore”.
117 Section 118‑400
After “venture capital limited partnerships”, insert “ or early stage venture capital limited partnerships”.
118 At the end of section 118‑400
119 After section 118‑405
118‑407 Exemption for certain venture capital investments through early stage venture capital limited partnerships
(1) All of your share in a *capital gain or a *capital loss from a *CGT event is disregarded if:
(iv) in the case of a capital gain—met all of the *registration requirements of an ESVCLP that are not *investment registration requirements, and met the *divestiture registration requirement.
Note: The registration requirements of an ESVCLP are set out in section 9‑3 of the Venture Capital Act 2002. It is important to understand that this is a separate requirement from registration under Part 2 of that Act (which effectively determines whether an entity is an ESVCLP).
(2) However, if you are a *general partner in the partnership, subsection (1) does not apply to you unless you are:
(3) For the purposes of this section, the place of residence of a *general partner in a *limited partnership:
(4) A *limited partnership is an early stage venture capital limited partnership at a particular time if, at that time, the partnership’s registration as an early stage venture capital limited partnership under Part 2 of the Venture Capital Act 2002 is, or is taken to have been, in force.
Note 1: For when the registration is, or is taken to have been, in force, see section 13‑10 of the Venture Capital Act 2002.
Note 2: In this Act and the Venture Capital Act 2002, the term “early stage venture capital limited partnership” is usually abbreviated to “ESVCLP”.
(5) A partnership is treated, for the purposes of subsection (1), as never having failed, during a particular income year of the partnership, to meet the *divestiture registration requirement in relation to a particular investment that the partnership holds, if:
(ii) if that period is extended under subsection 17‑3(3) of the Venture Capital Act 2002—within that period as so extended.
(6) A partnership that acquired a *share in a company by converting a *convertible note, or a convertible preference share, issued by the company is treated, for the purposes of subparagraph (1)(d)(ii), as having owned the share from the time when it last acquired the convertible note or convertible preference share.
(7) A partnership that acquired a unit in a unit trust by converting a *convertible note issued by the trustee of the unit trust is treated, for the purposes of subparagraph (1)(d)(ii), as having owned the unit from the time when it last acquired the convertible note.
(8) Subsection (6) or (7) applies whether or not the acquisition of the *convertible note, or convertible preference share, was an *eligible venture capital investment.
(9) A partnership that converts a *convertible note into a share or a unit is treated, for the purposes of subparagraph (1)(d)(ii), as continuing to own the convertible note until the partnership no longer owns the share or unit.
120 Subsection 118‑410(1) (heading)
Gains or losses as a partner in a VCLP or an ESVCLP
121 Paragraph 118‑410(1)(b)
After “a *VCLP”, insert “, or an *ESVCLP,”.
122 Paragraph 118‑410(1)(f)
After “the VCLP”, insert “or ESVCLP”.
123 Subparagraph 118‑410(1)(f)(iv)
After “a VCLP”, insert “, or all of the *registration requirements of an ESVCLP, (as the case requires)”.
124 Paragraph 118‑410(2)(b)
After “a *VCLP”, insert “, or an *ESVCLP”.
125 Paragraph 118‑410(2)(d)
126 Paragraphs 118‑420(4)(c) and (5)(d)
After “a *VCLP”, insert “or an *ESVCLP”.
127 At the end of subsection 118‑425(7)
Note: The additional requirements for ESVCLPs deal with listing in relation to initial investments by ESVCLPs in companies: see paragraph 118‑428(1)(a).
128 Paragraph 118‑425(8)(b)
129 Paragraph 118‑425(11)(a)
130 Before section 118‑430
118‑428 Additional investment requirements for ESVCLPs
(1) The additional investment requirements for ESVCLPs, for an investment in a company or in a unit trust, are:
(a) if the entity making the investment does not, when the investment is made, own any other investment in the company or unit trust:
(i) *shares in the company; or
(ii) units in the unit trust;
are not, when the investment is made, listed for quotation in the official list of a stock exchange in Australia or a foreign country; and
(b) if the investment is *pre‑owned when the investment is made:
(i) the entity already owns investments in the company or unit trust; or
(ii) the entity will, in connection with making the investment, make other investments in the company or unit trust, some or all of which are not pre‑owned; and
(c) if the investment is pre‑owned when the investment is made—the sum of:
(i) the value of the investment when the entity makes it; and
(ii) the total value of all the other investments that the entity owns at that time;
Note: See subsection (3) for the value of investments.
(2) An investment is pre‑owned if it was issued or allotted to an entity other than the entity that owns the investment. However, the investment is not pre‑owned if it:
(a) was issued:
(i) to an underwriter or sub‑underwriter of the issue of the investment; or
(ii) to a person for the purpose of being offered for sale; and
(b) was still held by the underwriter, sub‑underwriter or person immediately before being acquired by the entity that now owns the investment.
(3) The value of an investment of an entity at a particular time for the purposes of this section is the value of the investment as shown in:
(b) a statement, prepared in accordance with the *accounting standards and audited by the entity’s auditor, showing that value as at a time no longer than 12 months before that time.
131 Subsection 118‑440(1)
Omit “$250 million”, substitute “the amount provided for under subsection (9)”.
132 Subsections 118‑440(3) and (5)
133 Paragraph 118‑440(5)(a)
134 Paragraph 118‑440(5)(b)
135 Paragraph 118‑440(7)(a)
136 Paragraph 118‑440(7)(c)
137 Subsection 118‑440(8)
138 At the end of section 118‑440
(9) The amount in relation to a proposed investment is:
(a) if an *ESVCLP is to make the proposed investment—$50 million; or
(b) in any other case—$250 million.
139 Section 195‑60
After “venture capital limited partnerships” (wherever occurring), insert “, early stage venture capital limited partnerships”.
140 Section 195‑65 (heading)
195‑65 Tax losses cannot be transferred to a VCLP, an ESVCLP, an AFOF or a VCMP
141 Section 195‑65
After “a *VCLP”, insert “, an *ESVCLP”.
142 Section 195‑70 (heading)
195‑70 Previous tax losses can be deducted after ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
143 Section 195‑70
144 Section 195‑70
After “a VCLP”, insert “, ESVCLP”.
145 Subsection 995‑1(1)
additional investment requirements for ESVCLPs has the meaning given by subsection 118‑428(1).
146 Subsection 995‑1(1)
approved investment plan, of an *ESVCLP, has the meaning given by subsection 13‑15(2) of the Venture Capital Act 2002.
147 Subsection 995‑1(1) (paragraph (a) of the definition of carried interest)
148 Subsection 995‑1(1)
divestiture registration requirement, in relation to an *ESVCLP, has the meaning given by subsection 9‑3(3) of the Venture Capital Act 2002.
149 Subsection 995‑1(1)
early stage venture capital limited partnership has the meaning given by subsection 118‑407(4).
150 Subsection 995‑1(1)
ESVCLP means an *early stage venture capital limited partnership.
151 Subsection 995‑1(1) (note 2 at the end of the definition of income year)
After “a VCLP”, insert “, an ESVCLP”.
152 Subsection 995‑1(1) (after paragraph (a) of the definition of investment registration requirement)
(ab) in relation to an *ESVCLP—has the meaning given by subsection 9‑3(2) of the Venture Capital Act 2002; and
153 Subsection 995‑1(1) (paragraph (b) of the definition of limited partnership)
154 Subsection 995‑1(1)
pre‑owned has the meaning given by subsection 118‑428(2).
155 Subsection 995‑1(1)
registration requirements of an ESVCLP has the meaning given by subsection 9‑3(1) of the Venture Capital Act 2002.
156 Subsection 995‑1(1) (definition of unconditionally registered)
158 Paragraph 6(3)(a)
159 After paragraph 6(3)(a)
(ab) approving ESVCLPs’ investment plans, and their replacement plans, under Part 2 of that Act; and
160 Paragraph 72(1)(c)
161 After paragraph 72(1)(c)
(ca) the Board’s powers to approve ESVCLPs’ investment plans, and their replacement plans, under Part 2 of the Venture Capital Act 2002; and
162 Paragraph 73(1)(c)
163 After paragraph 73(1)(c)
164 Paragraph 74(2)(c)
165 After paragraph 74(2)(c)
(ca) approving ESVCLPs’ investment plans, and their replacement plans, under Part 2 of the Venture Capital Act 2002; or
166 Section 3‑5 (heading)
167 Paragraph 3‑5(a)
After “partnerships”, insert “, early stage venture capital limited partnerships”.
168 Part 2 (heading)
169 Section 7‑1
After “venture capital limited partnerships”, insert “, early stage venture capital limited partnerships”.
170 Section 7‑1
After “gains and losses); and”, insert:
171 After section 9‑1
172 Subparagraph 9‑5(1)(d)(i)
After “*VCLP”, insert “or an *ESVCLP”.
173 Subparagraph 9‑5(1)(d)(ii)
After “VCLP”, insert “or an ESVCLP”.
174 Paragraph 9‑5(1)(e)
After “VCLPs”, insert “or ESVCLPs”.
175 Subsection 11‑1(1)
176 After paragraph 11‑1(2)(j)
177 After subsection 13‑1(1)
178 Subsections 13‑1(3) and (4)
179 Subsection 13‑1(5)
180 After subsection 13‑5(1)
181 Subsection 13‑5(3)
182 Subsection 13‑10(1)
183 Subsection 13‑10(3)
184 At the end of Division 13
185 Section 15‑1
186 After paragraph 15‑1(f)
187 Section 15‑10
188 After section 15‑15
189 After paragraph 17‑1(1)(a)
190 Subsection 17‑1(1)
After “VCLP” (last occurring), insert “, an ESVCLP”.
191 Subsection 17‑1(5)
After “VCLP”, insert “, the *investment registration requirements of an ESVCLP”.
192 After section 17‑1
193 After paragraph 17‑5(1)(a)
194 Subsection 17‑5(1)
Omit “VCLP or”, substitute “VCLP, an ESVCLP or”.
195 Subsection 17‑5(6)
After “VCLP”, insert “, the *registration requirements of an ESVCLP”.
196 Subsection 17‑10(1)
197 Subparagraph 17‑10(1)(e)(i)
After “paragraph 9‑1(1)(e)”, insert “, 9‑3(1)(f)”.
198 Section 17‑15
After “17‑1,”, insert “17‑3,”.
199 Subsections 17‑25(1) and 25‑5(1)
200 Subsection 25‑10(1)
Omit “VCLP or an AFOF”, substitute “*VCLP, an *ESVCLP or an *AFOF”.
201 Subsection 25‑15(1)
202 Before paragraph 29‑1(a)
203 Paragraph 29‑1(b)
204 Paragraph 29‑1(c)
Part 3—The Venture Capital Registration Board
206 Paragraph 118‑425(2)(b)
Omit “*PDF Board”, substitute “*Venture Capital Registration Board”.
207 Subsection 118‑425(2)
Omit “PDF Board”, substitute “Venture Capital Registration Board”.
208 Subsection 118‑425(3) (note 3)
209 Subsection 118‑425(14) (heading)
210 Subsection 118‑425(14)
211 Subsection 995‑1(1) (definition of form approved by the PDF Board)
212 Subsection 995‑1(1)
form approved by the Venture Capital Registration Board has the same meaning as in section 33‑5 of the Venture Capital Act 2002.
213 Subsection 995‑1(1) (definition of PDF Board)
214 Subsection 995‑1(1)
Venture Capital Registration Board means the Venture Capital Registration Board continued in existence by section 5 of the Pooled Development Funds Act 1992.
215 Subsection 4(1) (definition of Board)
Board means the Venture Capital Registration Board continued in existence by section 5.
216 Part 2 (heading)
Part 2—Establishment, functions and powers of the Venture Capital Registration Board
217 Section 5
The PDF Registration Board that existed under this Act immediately before the commencement of this section continues in existence as the Venture Capital Registration Board.
218 Subsection 1‑15(2)
219 Section 3‑1 (note)
Omit “PDF Board” (wherever occurring), substitute “Venture Capital Registration Board”.
220 Paragraph 3‑5(c)
221 Section 3‑15 (heading)
222 Section 3‑15
223 Section 3‑20
Omit “PDF Board’s”, substitute “Venture Capital Registration Board’s”.
224 Section 7‑1
225 Paragraph 9‑10(1)(b)
226 Subsection 9‑10(2)
227 Subsection 9‑10(2)
228 Subsection 9‑10(3)
229 Subsections 9‑10(3) and 11‑1(1)
230 Subsection 11‑1(1)
231 Paragraph 11‑1(2)(l)
232 Subsection 11‑5(1)
233 Subsection 11‑5(1)
234 Section 11‑10
235 Subsections 11‑15(1) and (2)
236 Subsection 11‑15(2)
237 Subsections 11‑15(3) and (4)
238 Subsection 11‑15(4)
239 Subsection 13‑1(1)
240 Paragraph 13‑1(1)(d)
241 Subsection 13‑1(1)
Omit “PDF Board” (last occurring), substitute “Venture Capital Registration Board”.
242 Subsection 13‑1(2)
243 Paragraph 13‑1(2)(d)
244 Subsection 13‑1(2)
245 Subsection 13‑1(3)
246 Subsection 13‑1(3)
247 Subsection 13‑1(4)
248 Subsection 13‑1(4)
249 Subsection 13‑5(1)
250 Subsection 13‑5(1)
251 Subsection 13‑5(2)
252 Subsection 13‑5(2)
253 Section 15‑1
254 Paragraph 15‑1(h)
255 Subsection 15‑5(1)
256 Subsection 15‑5(1)
257 Sections 15‑10, 15‑15 and 15‑20
258 Section 15‑20
259 Subsections 17‑1(1) and (2)
260 Paragraph 17‑1(3)(a)
Omit “*PDF Board’s”, substitute “*Venture Capital Registration Board’s”.
261 Paragraphs 17‑1(3)(b) and (c)
262 Subsections 17‑1(5) and 17‑5(1)
263 Paragraph 17‑5(2)(a)
264 Paragraph 17‑5(2)(c)
265 Subsection 17‑5(3)
266 Subsection 17‑5(3)
267 Subsections 17‑5(4) and (6)
268 Section 17‑10 (heading)
269 Subsection 17‑10(1)
270 Subsection 17‑10(1)
271 Subsection 17‑10(2)
272 Subsection 17‑10(2)
273 Paragraph 17‑10(2)(a)
274 Paragraph 17‑10(2)(a)
275 Section 17‑15
276 Section 17‑15
277 Section 17‑20
278 Subsections 17‑25(1) and (2)
279 Section 21‑1
280 Subsection 21‑5(1)
281 Subsection 21‑5(1)
282 Subsections 21‑5(2) and (4)
283 Subsection 21‑5(4)
284 Subsection 21‑5(5)
285 Subsection 21‑5(5)
286 Subsection 21‑5(6)
287 Subsection 21‑5(6)
288 Subsections 21‑10(1) and (2)
289 Subsection 21‑10(2)
290 Subsections 21‑10(3) and (4)
291 Subsection 21‑10(4)
292 Subsection 21‑20(1)
293 Section 21‑25 (heading)
294 Subsection 21‑25(1)
295 Subsection 21‑25(1)
296 Subsection 21‑25(2)
297 Subsection 21‑25(2)
298 Subsection 21‑25(3)
299 Subsection 21‑25(3)
300 Paragraph 21‑25(3)(a)
301 Paragraph 21‑25(3)(a)
302 Subsections 21‑30(1) and (2)
303 Part 4 (heading)
304 Division 25 (heading)
305 Section 25‑1
306 Section 25‑5 (heading)
307 Subsection 25‑5(1)
308 Subsection 25‑5(2)
Omit “PDF Board”, substitute “*Venture Capital Registration Board”.
309 Subsections 25‑5(3), (4) and (5)
310 Subsection 25‑5(5)
311 Subsection 25‑5(6)
312 Subsection 25‑5(6)
313 Section 25‑10 (heading)
314 Subsection 25‑10(1)
315 Subsection 25‑10(2)
316 Subsections 25‑10(3), (4) and (5)
317 Subsection 25‑10(5)
318 Subsection 25‑10(6)
319 Subsection 25‑10(6)
320 Section 25‑15 (heading)
321 Subsection 25‑15(1)
322 Subsection 25‑15(2)
323 Subsections 25‑15(3), (4) and (5)
324 Subsection 25‑15(5)
325 Subsection 25‑15(6)
326 Subsection 25‑15(6)
327 Section 29‑1
328 Subsection 29‑5(1)
329 Subsection 29‑5(2)
330 Subsection 29‑10(1)
331 Subsection 29‑10(1)
332 Subsection 29‑10(2)
333 Subsection 29‑10(2)
334 Subsection 29‑10(4)
335 Subsection 29‑10(4)
336 Subsection 29‑10(5)
337 Subsection 29‑10(5)
338 Subsection 29‑10(6)
339 Subsection 29‑10(6)
340 Paragraph 29‑10(6)(b)
341 Subsection 29‑10(8)
342 Paragraph 29‑10(8)(a)
343 Subsections 29‑15(1) and 33‑1(1), (2) and (3)
344 Section 33‑5 (heading)
345 Section 33‑5
346 Paragraph 33‑5(a)
347 Paragraphs 33‑5(c) and (d)
Part 4—Pooled development funds
348 Subsection 4(1) (at the end of the definition of registration application)
Add “that was made before the day on which Part 4 of Schedule 8 to the Tax Laws Amendment (2007 Measures No. 2) Act 2007 commenced”.
349 After subsection 11(4)
(4A) An application must not be made on or after the day on which Part 4 of Schedule 8 to the Tax Laws Amendment (2007 Measures No. 2) Act 2007 commenced.
Part 5—Conditional registration
350 Section 118‑400 (note)
Omit “For this purpose, registration does not need to be unconditional.”.
351 Subsection 995‑1(1) (definition of unconditionally registered)
Omit all the words from and including “if”, substitute:
(a) its registration under the Venture Capital Act 2002 is not based, or is no longer based, on its conditional registration under section 13‑5 of that Act; or
(b) it is taken to be unconditionally registered under subsection 13‑10(2) of that Act.
352 Section 7‑1 (note)
353 Subsection 13‑10(2)
House of Representatives on 29 March 2007
(55/07)