Document ID: chunk:federal_register_of_legislation:C2007A00078:clause:8_81
Version: federal_register_of_legislation:C2007A00078
Segment Type: clause
Provision Reference: sch 8 cl 81
Character Range: 60640–61350

81  After subsection 25‑10(1)
Insert:

 (1A) The *Venture Capital Registration Board may, on the application of a *general partner of a partnership registered as a *VCLP, an *ESVCLP or an *AFOF, determine that either or both of the following requirements do not apply to a unit trust:
 (a) the requirement referred to under subparagraph 118‑427(3)(c)(i) of the Income Tax Assessment Act 1997 that more than 50% of the people who are currently engaged by the unit trust to perform services must perform those services primarily in Australia;
 (b) the requirement referred to under subparagraph 118‑427(3)(c)(ii) of that Act that more than 50% of its assets (determined by value) must be situated in Australia.