Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

Subdivision 118-F - Venture capital investment  

Operative provisions

SECTION 118-445   Meaning of committed capital  

118-445(1)    
A partner ' s committed capital in a partnership is the sum of the amounts that the partner may, under the partnership agreement establishing the partnership, become obliged to contribute to the partnership.

118-445(2)    
It does not matter whether:

(a) the partner contributes all of those amounts; or

(b) any amounts contributed are subsequently returned to the partner; or

(c) the contributions give rise to *equity interests or *debt interests in the partnership, or both.

118-445(3)    
A partnership ' s committed capital is the sum of the committed capital of all of the partnership ' s partners.