25‑1 What this Division is about25‑1 What this Division is about

25‑1 What this Division is about

Industry 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