Document ID: chunk:federal_register_of_legislation:C2010C00612:clause:3_4:p2
Version: federal_register_of_legislation:C2010C00612
Segment Type: clause
Provision Reference: sch 3 cl 4 (pt 2/4)
Character Range: 82212–84796

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 Law 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 not an Australian resident; and
 (b) it is a *foreign superannuation fund; 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 foreign superannuation fund

 (1) A fund is a foreign superannuation fund 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
 (b) it was established in a foreign country; and
 (c) it was established, and is maintained at that time, only to provide benefits for individuals who are not Australian residents or residents of a Territory; and
 (d) at that time, its central management and control is carried on outside Australia by entities none of whom is an Australian resident or a resident of a Territory.

 (2) However, a fund is not a foreign superannuation fund if:
 (a) an amount paid to the fund or set aside for the fund has been or can be deducted under this Act; or
 (b) a *tax offset has been allowed or is allowable for such an amount.

118‑525  Meaning of venture capital equity

 (1) A *CGT asset is venture capital equity for a *venture capital entity if it is a *share in a company or an interest in a trust where:
 (a) the company or trust