Income Tax Assessment Act 1997
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Hide history notePartners in VCLPs and ESVCLPs
51-54(1)
An entity ' s share of any gain or profit made from the disposal or other realisation of an *eligible venture capital investment is exempt from income tax if:
(a) it is made by a *VCLP, or an *ESVCLP, that is *unconditionally registered; and
(b) were that disposal or other realisation to be a *disposal of a *CGT asset, the entity ' s share of any *capital gain or *capital loss would be disregarded under section 118-405 or 118-407 .
51-54(1A)
An entity ' s share of any gain or profit made:
(a) by an *ESVCLP that is *unconditionally registered; and
(b) from the disposal or other realisation of an *eligible venture capital investment;
is exempt from income tax to the extent that, were that disposal or other realisation to be a *disposal of a *CGT asset, the equivalent *capital gain arising from the *CGT event would be disregarded because of a partial exemption from the CGT event under section 118-408 .
Partners in AFOFs
51-54(2)
An entity ' s share of any gain or profit made from the disposal or other realisation of an *eligible venture capital investment is exempt from income tax if:
(a) it is made by:
(i) an *AFOF that is *unconditionally registered; or
(ii) a *VCLP, or an *ESVCLP, that is unconditionally registered and in which an AFOF that is *unconditionally registered is a partner; and
(b) were that disposal or other realisation to be a *disposal of a *CGT asset, the entity ' s share of any *capital gain or *capital loss would be disregarded under section 118-410 .
Eligible venture capital investors
51-54(3)
Any gain or profit made from the disposal or other realisation of an *eligible venture capital investment is exempt from income tax if:
(a) you are an *eligible venture capital investor; and
(b) were that disposal or other realisation to be a *disposal of a *CGT asset, any *capital gain or *capital loss would be disregarded under section 118-415 .
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