Taxation Laws Amendment (Venture Capital) Act 2002 (136 of 2002)
Schedule 2 Flow-through treatment, and related matters
Income Tax Assessment Act 1997
25 Subsection 995-1(1) (note at the end of the definition of income year )
Repeal the note, substitute:
Note 1: The Commissioner can allow you to adopt an accounting period ending on a day other than 30 June. See section 18 of the Income Tax Assessment Act 1936.
Note 2: An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an AFOF or a VCMP. See section 18A of the Income Tax Assessment Act 1936.
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