Commonwealth Consolidated Acts Commonwealth Consolidated ActsIndustry Innovation and Science Australia can make determinations having the effect of relaxing the requirements of paragraphs 118 - 425(2)(b) and 118 - 427(3)(c) of the Income Tax Assessment Act 1997 .
Note 1: Paragraph 118 - 425(2)(b) of the Income Tax Assessment Act 1997 is about how closely a company is connected with Australia. Paragraph 118 - 427(3)(c) of that Act is about how closely a unit trust is connected with Australia. These paragraphs are one of the requirements that a company or unit trust must meet in order for investments in the company or unit trust to be eligible venture capital investments.
Note 2: The capital gains tax exemption under Subdivision 118 - F of that Act only applies in relation to eligible venture capital investments.
Table of sections
Operative provisions
25 - 5 Industry Innovation and Science Australia may determine a shorter period
25 - 10 Industry Innovation and Science Australia may determine that a requirement does not apply
25 - 15 Industry Innovation and Science Australia may determine matters relating to requirements for eligible venture capital investments