Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 118 - Exemptions  

Subdivision 118-G - Venture capital: investment by superannuation funds for foreign residents  

SECTION 118-505   Exemption for certain foreign venture capital  

118-505(1)    
A *capital gain or *capital loss is disregarded if it is made from a *CGT event happening in relation to a *CGT asset that is *venture capital equity where the asset:

(a) was *acquired by a *venture capital entity; and

(b) at the time of the CGT event:

(i) was owned by that entity; and

(ii) had been owned by that entity for at least 12 months.

118-505(2)    
The *venture capital entity must be registered under Part 7A of the Pooled Development Funds Act 1992 at the time of the *CGT event.