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

67   Subsection 118-427(11)

Repeal the subsection, substitute:

The value of an asset or investment

(11) The value of an asset or investment of an entity at a particular time for the purposes of this section is:

(a) the value of the asset or investment as shown in a statement, prepared in accordance with the *accounting standards and audited by the entity's auditor, showing that value as at a time no longer than 12 months before that time; or

(b) the value provided for by section 118-450 if:

(i) the entity does not have an auditor at that time; and

(ii) the entity is not required under subsection (6) of this section to have an auditor at that time.