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Article: Venture Capital- Clearing the Exit for Foreign Participants.
- Article from:
- Mondaq Business Briefing
- Article date:
- February 3, 2003
CopyrightCOPYRIGHT 2003 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Australian Parliament passed 2 major pieces of legislation in mid December dealing with the exemption of capital gains tax ("CGT") in the case of disposal of non-resident venture capital equity investments in Australia. The laws were:
Venture Capital Act 2002; and
Taxation Laws Amendment (Venture Capital) Act 2002
The former Act includes rules relating to registration of certain non-resident venture capital entities in order to access CGT exemption and the latter amends the Income Tax Assessment Act 1997 by the introduction of a new subdivision 118F titled " Venture Capital Investment" containing the provisions relating to CGT exemption.
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