Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 3   Venture capital

Income Tax Assessment Act 1997

7   Transitional

 

(1) This item applies to a limited partnership:

(a) that was formed as a legal entity on or after 2 December 2003 and before the day on which this Act received the Royal Assent; and

(b) in respect of which an application has been made to the PDF Board for registration as a VCLP or an AFOF under the Venture Capital Act 2002; and

(c) that could not be registered or conditionally registered as a VCLP or an AFOF before the day on which this Act received the Royal Assent only because it has a legal personality separate from that of its members.

      

(2) If the PDF Board decided, before the day on which this Act received the Royal Assent, that it would have registered or conditionally registered a limited partnership to which this item applies as a VCLP or an AFOF under the Venture Capital Act 2002 had this Act received the Royal Assent before that decision was made:

(a) the PDF Board is taken to have granted registration or conditional registration of the limited partnership as a VCLP or an AFOF under that Act on the day on which that decision was made; and

(b) that registration is taken to have been in force for the purposes of section 13-10 of that Act from that day.