Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p14
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 14/26)
Character Range: 1266884–1269590

in an income year, to the extent that it does not exceed the lesser of:
 (i) 5% of the total amount of the ordinary income and statutory income collected and derived by the society in the income year; and
 (ii) $5 million or such other amount as is prescribed by the regulations for the purposes of this subparagraph.

51‑50  Maintenance payments to a spouse or child
 (1) This section sets out the conditions on which a periodic payment, in the nature of maintenance, that:
 (a) is made by an individual (the maintenance payer); or
 (b) is attributable to a payment made by an individual (also the maintenance payer);
is exempt from income tax under item 5.1 of the table in section 51‑30.
 (2) The maintenance payment is exempt from income tax only if it is made:
 (a) to an individual who is or has been the maintenance payer's *spouse; or
 (b) to or for the benefit of an individual who is or has been:
 (i) a *child of the maintenance payer; or
 (ii) a child who is or has been a child of an individual who is or has been a *spouse of the maintenance payer.
 (3) The maintenance payment is not exempt if, in order to make it or a payment to which it is attributable, the maintenance payer:
 (a) divested any income‑producing assets; or
 (b) diverted *ordinary income or *statutory income upon which the maintenance payer would otherwise have been liable to income tax.

51‑52  Income derived from eligible venture capital investments by ESVCLPs

General
 (1) An entity's share of income derived from an *eligible venture capital investment is exempt from income tax if:
 (a) the entity is a partner in a *limited partnership; and
 (b) the partnership made the investment; and
 (c) the investment meets all of the *additional investment requirements for ESVCLPs for the investment; and
 (d) when the partnership made the investment, the partnership was an *early stage venture capital limited partnership that was *unconditionally registered; and
 (e) when the income was derived, the partnership:
 (i) owned the investment; and
 (ii) was an early stage venture capital limited partnership that was unconditionally registered.

Partners in AFOFs
 (2) An entity's share of income derived from an *eligible venture capital investment is exempt from income tax if:
 (a) the entity is a partner in an *AFOF; and
 (b) the AFOF is a partner in a partnership that made the investment; and
 (c) when the partnership made the investment, the partnership was an *early stage venture capital limited partnership that was *unconditionally registered; and
 (d) the investment meets all of the *additional investment requirements for ESVCLPs for the investment; and
 (e) when the income was derived, the partnership: