Treasury Laws Amendment (2018 Measures No. 2) Act 2020 (8 of 2020)
Schedule 2 Innovation measures
Part 2 Early stage investor tax offsets
Income Tax Assessment Act 1997
6 Paragraph 360-15(1)(f)
Repeal the paragraph, substitute:
(f) immediately after the issue of those shares, you do not hold equity interests in the company, or in an entity *connected with the company, that carry the right to:
(i) receive more than 30% of any distribution of income by the company or the entity; or
(ii) receive more than 30% of any distribution of capital by the company or the entity; or
(iii) exercise, or control the exercise of, more than 30% of the total voting power in the company or the entity.