Treasury Laws Amendment (2018 Measures No. 2) Act 2020 (8 of 2020)

Schedule 2   Innovation measures

Part 2   Early stage investor tax offsets

Income Tax Assessment Act 1997

6   Paragraph 360-15(1)(f)

Repeal the paragraph, substitute:

(f) immediately after the issue of those shares, you do not hold equity interests in the company, or in an entity *connected with the company, that carry the right to:

(i) receive more than 30% of any distribution of income by the company or the entity; or

(ii) receive more than 30% of any distribution of capital by the company or the entity; or

(iii) exercise, or control the exercise of, more than 30% of the total voting power in the company or the entity.