Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (54 of 2016)
Schedule 2 Venture capital investment
Part 8 Auditing requirements
Income Tax Assessment Act 1997
65 After subsection 118-425(10)
Insert:
(10A) However, for the purposes of this section, the value of the asset or investment at that time is the value provided for by section 118-450 if:
(a) there are no such audited accounts; and
(b) the entity does not have an auditor at that time; and
(c) the entity is not required under subsection (5) of this section to have an auditor at that time.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
