Taxation Laws Amendment (Venture Capital) Act 2002 (136 of 2002)

Schedule 3   Capital gains tax treatment of carried interests

Income Tax Assessment Act 1997

12   At the end of section 116-30

Add:

Carried interests

(5) This section does not apply to *CGT event A1 or C2 to the extent that the CGT event is constituted by ceasing to own:

(a) the *carried interest of a *general partner in a *VCLP or an *AFOF or a *limited partner in a *VCMP; or

(b) an entitlement to receive a payment of such a carried interest.