Tax Laws Amendment (2007 Measures No. 2) Act 2007 (78 of 2007)

Schedule 8   Venture capital

Part 1   Venture capital limited partnerships

Income Tax Assessment Act 1997

50   Paragraph 118-435(2)(b)

Repeal the paragraph, substitute:

(b) at any time within the period of 12 months after the day on which the first *eligible venture capital investment was made in the company:

(i) the other company ceases to be an Australian resident; or

(ii) the unit trust ceases to carry on *business in Australia;

as the case requires;