Document ID: chunk:federal_register_of_legislation:C2007A00078:clause:8_78
Version: federal_register_of_legislation:C2007A00078
Segment Type: clause
Provision Reference: sch 8 cl 78
Character Range: 59585–60194

78  Section 25‑1 (note)
Repeal the note, substitute:

Note 1: Paragraph 118‑425(2)(b) of the Income Tax Assessment Act 1997 is about how closely a company is connected with Australia. Paragraph 118‑427(3)(c) of that Act is about how closely a unit trust is connected with Australia. These paragraphs are one of the requirements that a company or unit trust must meet in order for investments in the company or unit trust to be eligible venture capital investments.

Note 2: The capital gains tax exemption under Subdivision 118‑F of that Act only applies in relation to eligible venture capital investments.