Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

Subdivision 118-G - Venture capital: investment by superannuation funds for foreign residents  

SECTION 118-515   Meaning of venture capital entity  

118-515(1)    
An entity (except a partner in a partnership) is a venture capital entity if:

(a) it is a foreign resident; and

(b) it is a *superannuation fund for foreign residents; and

(c) it is not a *prescribed dual resident; and

(d) it is a resident of:

(i) Canada; or

(ii) France; or

(iii) Germany; or

(iv) Japan; or

(v) the United Kingdom; or

(vi) the United States of America; or

(vii) some other foreign country prescribed by the regulations; and

(e) its income is exempt, or effectively exempt, from taxation in its country of residence.

118-515(2)    
A partner in a partnership is a venture capital entity if:

(a) all of the partners in it are entities that are *venture capital entities under subsection (1); or

(b) the partnership is a *limited partnership and:

(i) all of the partners in it (except its general partner or managing partner) are venture capital entities under subsection (1); and

(ii) its general partner or managing partner has interests in less than 10% of the total value of the assets of the partnership.