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.