Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (54 of 2016)

Schedule 2   Venture capital investment

Part 1   Tax offset for ESVCLP investments

Income Tax Assessment Act 1997

5   Contributions made to ESVCLPs in previous income years

Subdivision 61-P of the Income Tax Assessment Act 1997 as added by this Part, and item 4 of this Part, apply in relation to the first income year starting on or after 1 July 2016 (the initial income year ) as if:

(a) any contribution that a limited partner of an ESVCLP made to the ESVCLP during an earlier income year were made during the initial income year; and

(b) any eligible venture capital investments made by the ESVCLP:

(i) during an earlier income year; and

(ii) after the first contribution made by the partner to the ESVCLP;

were made during the initial income year.