Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (54 of 2016)

Schedule 2   Venture capital investment

Part 8   Auditing requirements

Income Tax Assessment Act 1997

64   Subsection 118-425(5)

Repeal the subsection, substitute:

Registered auditor

(5) The company must have as its auditor a *registered auditor at all times (if any) referred to in subsection (5A) during which the company:

(a) is not a proprietary company within the meaning of the Corporations Act 2001; or

(b) is a large proprietary company within the meaning of that Act; or

(c) would exceed the *permitted entity value if the amount provided for under subsection 118-440(9) were $12.5 million.

Note: This requirement is ongoing.

(5A) The times are:

(a) the end of the income year in which the investment is made; and

(b) all times after the end of that income year.