Taxation Laws Amendment (Venture Capital) Bill 2002

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
40

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Summary

Introduced with the Venture Capital Bill 2002, the bill amends the Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Fringe Benefits Tax Assessment Act 1986 to: amend the existing tax treatment of venture capital limited partnerships and Australian venture capital funds of funds and the capital gains tax treatment of “carried interests”; and provide a tax exemption to eligible non-resident partners of these limited partnerships on profits from the disposal of investments in eligible venture capital businesses. Also makes consequential amendments to the Income Tax Assessment Act 1997 and Pooled Development Funds Act 1992.

Progress

House of Representatives
Introduced and read a first time 14 Nov 2002
Second reading moved 14 Nov 2002
Second reading agreed to 05 Dec 2002
Third reading agreed to 05 Dec 2002
Senate
Introduced and read a first time 09 Dec 2002
Second reading moved 09 Dec 2002
Second reading agreed to 12 Dec 2002
Third reading agreed to 12 Dec 2002
Assent
  • Act no.: 136
  • Year: 2002
19 Dec 2002

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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