Tax Laws Amendment (2007 Measures No. 2) Act 2007 (78 of 2007)

Schedule 8   Venture capital

Part 5   Conditional registration

Venture Capital Act 2002

353   Subsection 13-10(2)

Repeal the subsection, substitute:

(2) However, if conditional registration of the partnership had been granted under section 13-5 and was in force on the day on which registration under section 13-1 was granted:

(a) for the purposes of this Act and the Income Tax Assessment Act 1936, registration of the partnership as a *VCLP, an *ESVCLP or an *AFOF is taken to have come into force on:

(i) if, since its establishment, the partnership has only carried on activities related to becoming registered as a VCLP, an ESVCLP or an AFOF - the day on which it was established; or

(ii) otherwise - the day on which the conditional registration was granted;

and the partnership is taken, for the purposes of this Act and that Act, to have been *unconditionally registered from the day; and

(b) for the purposes of the Income Tax Assessment Act 1997:

(i) registration of the partnership as a VCLP, an ESVCLP or an AFOF is taken to have come into force on the day on which the conditional registration was granted; and

(ii) the partnership is taken to have been unconditionally registered from the day.