Document ID: chunk:federal_register_of_legislation:C2004A01073:clause:1_6:p2
Version: federal_register_of_legislation:C2004A01073
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 2/10)
Character Range: 9816–12586

and
 (iii) was a venture capital limited partnership that was unconditionally registered; and
 (iv) in the case of a capital gain—met all of the registration requirements of a VCLP that are not investment registration requirements.

Note: The registration requirements of a VCLP are set out in section 9‑1 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 a VCLP).

 It is technically possible to be registered under Part 2 of that Act without meeting the registration requirements of a VCLP, but you might still not be entitled to exemption under this section.

Meaning of venture capital limited partnership

 (2) A *limited partnership is a venture capital limited partnership at a particular time if, at that time, the partnership's registration as a venture capital limited partnership under Part 2 of the Venture Capital Act 2002 is, or is taken to have been, in force.

For when the registration is, or is taken to have been, in force, see section 13‑10 of the Venture Capital Act 2002.

Note: In this Act and the Venture Capital Act 2002, the term "venture capital limited partnership" is usually abbreviated to "VCLP".

Shares acquired by converting convertible notes

 (3) 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.

118‑410  Exemption for certain foreign venture capital investments through Australian venture capital funds of funds

Gains or losses as a partner in a VCLP

 (1) All of your share in a *capital gain or a *capital loss from a *CGT event is disregarded if:
 (a) you are an *eligible venture capital partner in a *limited partnership; and
 (b) the CGT event relates to an *eligible venture capital investment made by a *VCLP in which the partnership is a partner; and
 (c) when the investment was made, the partnership:
 (i) was an *Australian venture capital fund of funds that was *unconditionally registered; and
 (ii) met all of the *registration requirements of an AFOF that are not *investment registration requirements; and
 (d) when the investment was made, the VCLP:
 (i) was unconditionally registered; and
 (ii) met all of the *registration requirements of a VCLP that are not investment registration requirements; and
 (e) at the time of the CGT event, the partnership:
 (i) was an Australian venture capital fund of funds that was unconditionally registered; and
 (ii) in the case of a capital gain—met all of the