Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

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History

Pt 3-1 inserted by No 46 of 1998.

Division 118 - Exemptions  

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Div 118 inserted by No 46 of 1998.

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

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Subdiv 118-G heading substituted by No 9 of 2007 , s 3 and Sch 1 item 10, applicable to the 2007-2008 income year and later years. The heading formerly read:

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

Subdiv 118-G heading substituted by No 136 of 2002.

Subdiv 118-G inserted by No 165 of 1999.

SECTION 118-500   What this Subdivision is about  

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A foreign resident tax exempt pension fund that invests in venture capital equity in an Australian company or fixed trust (a resident investment vehicle) can disregard a capital gain or capital loss it makes from a CGT event that happens to that equity if:

(a) the entity is registered under the Pooled Development Funds Act 1992 ; and

(b) the entity owned the equity for at least 12 months.

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S 118-500 amended by No 41 of 2005 and inserted by No 165 of 1999.

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