Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (54 of 2016)

Schedule 2   Venture capital investment

Part 5   Requirements for entities in which VCLPs, ESVCLPs and AFOFs invest

Venture Capital Act 2002

37   Paragraphs 15-10(c) and (d)

Repeal the paragraphs, substitute:

(c) for each investment in a company made during the quarter - a statement from a general partner as to whether the company met the requirements of subsections 118-425(3), (4), (4A) and (5) of the Income Tax Assessment Act 1997 at all times during the quarter after the investment was made; and

(d) for each disposal of an investment in a company during the quarter - a statement from a general partner as to whether the company met the requirements of subsections 118-425(3), (4), (4A) and (5) of the Income Tax Assessment Act 1997 at all times during the quarter up to the day of disposal; and