ATO Interpretative Decision - VCLP

17 January 2011

The Australian Tax Office, on 14 January 2011, clarified that modifications in subsection 295-85(2) of the Income Tax Assessment Act 1997 (ITAA 1997) can apply to a venture capital limited partnership (VCLP) when a complying superannuation fund (CSF) is a partner in the partnership. Gains flowing from the VCLP to the CSF by reason of the CSF being a partner are taxed as capital gains. 

AVCAL letter to AFR

14 January 2011

The tax commissioner, Michael D'Ascenzo, while clearly doing an excellent job of protecting the tax revenue, seems to be overstepping his role with a dismissive comment on the contribution of a whole industry sector, namely private equity, "to the prosperity of the economy".

AVCAL submission to BoT on CIV

14 March 2011

In December 2010 the Board of Taxation released its "Review of Tax Arrangements Applying to Collective Investment Vehicles". This review came about as a result of the Johnson Report which recommended that the Board of Taxation review the scope for providing a broader range of tax flow-through CIVs. 

Dodd-Frank update - SEC rules finalised

1 July 2011

The US Securities and Exchange Commission (SEC) has approved the final rules determining a venture capital exemption from registration under the Investment Advisers Act, as set out by the Dodd-Frank financial reform legislation.

Letter to AFR

Tax uncertainty takes its toll

PUBLISHED: 01 Jul 2011 PRINT EDITION: 1 July 2011

Tax Office second commissioner Bruce Quigley asked for facts to support what he termed “baseless” and “scaremongering” statements that tax treatment of private equity has resulted in reduced investment in Australia (“Mergers activity triggers greater scrutiny”, June 30).

Letter to SMH Editor

7 November 2011

Claims in a SMH online article (4 Nov) with respect to private equity are simply not true.

Tax determinations on PE source and tracing

26 October 2011

The Australian Tax Office this afternoon released the final determinations affecting the taxation treatment of foreign private investment into Australia. The determinations can be accessed via the links below to the ATO website.

Three venture capital fund managers receive IIF funding boost

9 June 2011

The Minister for Innovation Senator Kim Carr announced the three recipients from the most recent round of the Innovation Investment Fund (IIF) investments. Venture capital fund managers Southern Cross Venture Partners, the Medical Research Commercialisation Fund, and Carnegie Venture Capital received $20m, each, through the IIF.

Treasury discussion paper on taxation of trust income

4 March 2010

On Friday 4 March, Assistant Treasurer Bill Shorten announced the release of a discussion paper on improving the taxation of trust income, including the Government's commitment to ensuring that the flexibility to stream income to particular beneficiaries can continue.