Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p31
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 31/58)
Character Range: 2375804–2378420

(i) the total value of the assets of the company or trust, and
 (ii) the total value of the assets of any company or trust *connected with the first company or trust; and
 (iii) the amount of the investment proposed to be made in venture capital equity in the company or trust by the relevant *venture capital entity;
  is not more than $50,000,000 just before the time (the acquisition time) when the relevant venture capital entity acquires venture capital equity in the company or trust; and
 (b) the primary activity of the company or trust is not, at any time, property development or land ownership.
 (2) However, a trust is not a resident investment vehicle unless entities have *fixed entitlements to all of the income and capital of the trust.
 (3) The total value of the assets of a company or trust is the total value of its assets (both current and non‑current) as shown in:
 (a) the last audited accounts prepared for the company or trust for the purposes of the Corporations Act 2001 that relates to a period ending less than 18 months before the acquisition time; or
 (b) if there are no such audited accounts—a statement audited by the company's or trust's auditor showing that value as at a time no longer than 12 months before the acquisition time.

118‑515  Meaning of venture capital entity
 (1) An entity (except a partner in a partnership) is a venture capital entity if:
 (a) it is a foreign resident; and
 (b) it is a *superannuation fund for foreign residents; and
 (c) it is not a *prescribed dual resident; and
 (d) 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) some other foreign country prescribed by the regulations; and
 (e) its income is exempt, or effectively exempt, from taxation in its country of residence.
 (2) A partner in a partnership is a venture capital entity if:
 (a) all of the partners in it are entities that are *venture capital entities under subsection (1); or
 (b) the partnership is a *limited partnership and:
 (i) all of the partners in it (except its general partner or managing partner) are venture capital entities under subsection (1); and
 (ii) its general partner or managing partner has interests in less than 10% of the total value of the assets of the partnership.

118‑520  Meaning of superannuation fund for foreign residents
 (1) A fund is a superannuation fund for foreign residents at a time if:
 (a) at that time, it is:
 (i) an indefinitely continuing fund; and
 (ii) a provident, benefit, superannuation or retirement fund; and