Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.515

  (1)   An entity (except a partner in a partnership) is a venture capital entity if:

  (a)   it is a foreign resident; and

  (b)   it is a * superannuation fund for foreign residents; and

  (c)   it is not a * prescribed dual resident; and

  (d)   it is a resident of:

  (i)   Canada; or

  (ii)   France; or

  (iii)   Germany; or

  (iv)   Japan; or

  (v)   the United Kingdom; or

  (vi)   the United States of America; or

  (vii)   some other foreign country prescribed by the regulations; and

  (e)   its income is exempt, or effectively exempt, from taxation in its country of residence.

  (2)   A partner in a partnership is a venture capital entity if:

  (a)   all of the partners in it are entities that are * venture capital entities under subsection   (1); or

  (b)   the partnership is a * limited partnership and:

  (i)   all of the partners in it (except its general partner or managing partner) are venture capital entities under subsection   (1); and

  (ii)   its general partner or managing partner has interests in less than 10% of the total value of the assets of the partnership.