Income Tax Assessment Act 1997
View history note
Hide history noteAn 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.
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