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

Schedule 2   Venture capital investment

Part 8   Auditing requirements

Income Tax Assessment Act 1997

68   At the end of section 118-428

Add:

(4) However, for the purposes of this section, the value of the investment at that time is the value provided for by section 118-450 if:

(a) there are no such audited accounts; and

(b) the entity does not have an auditor at that time.