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Venture Capital Bill 2002

Part 1 Preliminary

Division 1 Preliminary

   

Table of sections

1-1            Short title

1-5            Commencement

1-10          Interpretation

1-15          Identifying defined terms

1-1   Short title

                   This Act may be cited as the Venture Capital Act 2002 .

1-5   Commencement

                   This Act commences on the day on which it receives the Royal Assent.

1-10   Interpretation

             (1)  An expression has the same meaning in this Act as in the Income Tax Assessment Act 1997 .

             (2)  Division 950 of the Income Tax Assessment Act 1997 (which contains rules for interpreting that Act) applies to this Act as if the provisions of this Act were provisions of the Income Tax Assessment Act 1997 .

1-15   Identifying defined terms

             (1)  Many of the terms in this Act are defined in the Dictionary, starting at section 995-1, to the Income Tax Assessment Act 1997 .

             (2)  Most of the terms that are defined in that Dictionary are identified by an asterisk appearing at the start of the term: as in * PDF Board. The footnote with the asterisk contains a signpost to that Dictionary.

             (3)  An asterisk usually identifies the first occurrence of a term in a section (if not divided into subsections), subsection or definition. Later occurrences of the term in the same provision are not usually asterisked.

             (4)  Terms are not asterisked in headings, notes, examples, explanatory tables, guides, outline provisions or diagrams.

             (5)  If a term is not identified by an asterisk, disregard that fact in deciding whether or not to apply to that term a definition or other interpretation provision.



 

Division 3 A guide to this Act

   

3-1   What this Act is about

                   This Act provides for some administrative measures that are needed for the operation of:

                     (a)  the capital gains tax exemption relating to venture capital under Subdivision 118-F of the Income Tax Assessment Act 1997 (and the related provisions about similar income gains and losses); and

                     (b)  the “flow-through” treatment, under Division 5 of Part III of the Income Tax Assessment Act 1936 , of the income of limited partnerships that are used as vehicles for making venture capital investments.

Note:          The PDF Board is responsible for the operation of these measures. The Pooled Development Funds Act 1992 provides for the establishment and operation of the PDF Board.

3-5   Registration of venture capital limited partnerships and Australian venture capital funds of funds (Part 2)

                   Part 2 provides for:

                     (a)  the registration requirements for venture capital limited partnerships and Australian venture capital funds of funds; and

                     (b)  applications for registration; and

                     (c)  registration of limited partnerships by the PDF Board, including conditional registration; and

                     (d)  the obligations imposed on general partners of partnerships that are registered; and

                     (e)  revocation of registration.

3-10   Registration of eligible venture capital investors (Part 3)

                   Part 3 provides for registration of entities as eligible venture capital investors, their obligations while registered, and revocation of registration.

3-15   Determinations by the PDF Board concerning certain investments (Part 4)

                   Part 4 provides for the PDF Board to make determinations that are relevant to whether certain investments can be eligible venture capital investments.

3-20   Review of decisions (Part 5)

                   Part 5 provides for review of the PDF Board’s decisions under this Act.

3-25   Miscellaneous (Part 6)

                   Part 6 deals with miscellaneous matters.