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

Schedule 8   Venture capital

Part 1   Venture capital limited partnerships

Venture Capital Act 2002

65   Paragraph 15-1(ga)

Omit all the words from and including “whether”, substitute:

whether:

(i) the company met the requirements of subsections 118-425(3), (4) and (5) of the Income Tax Assessment Act 1997 at all times during that year; and

(ii) if subsection 118-425(11) of that Act applied to the company in relation to another company - the other company failed to meet the requirements of subparagraph 118-425(11)(d)(i) of that Act at any time during that year; and

(iii) if subsection 118-425(11) of that Act applied to the company in relation to a unit trust - the unit trust failed to meet the requirements of subparagraph 118-425(11)(d)(ii) of that Act at any time during that year;