Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Policy objective
The Venture Capital Limited Partnerships (VCLP) programme is designed to increase the
amount of foreign investment in the Australian venture capital sector. The VCLP
programme provides certain foreign investors (eligible venture capital partners) in a VCLP
with an exemption from capital gains tax on profits from eligible venture capital
investments made by the VCLP.
Fund managers seeking to raise a new venture capital fund to make investments in eligible
Australian businesses may apply to Innovation Australia’s Innovation Investment
Committee (the Committee) for registration as a VCLP under the Venture Capital Act 2002
(the Act). The partnership must be structured as a limited partnership and have committed
capital of at least $10 million. An application form is available from AusIndustry;
email VentureCapital@industry.gov.au
Foreign investors that are exempt from tax in their country of residence qualify for the
capital gains tax exemption. The exemption is also available to foreign investors that own
no more than 10 per cent of a VCLP.
July 2016 Page 1 of 3
Tax benefits for VCLP managers
The initiative also improves the tax treatment for Venture Capital Management
Partnerships (VCMP), the general partners (managers) of VCLPs. The general partner can
claim their carried interest in the partnership on the capital account rather than revenue
account. This provides a significant reduction on the amount of tax paid on any
performance bonus earned.
The limited partners receive income, capital gains and tax benefits.
Registration as a VCLP
Registration requirements (Division 9, Venture Capital Act)
A limited partnership established by or under a law in force on, or in part of: Australia; or
foreign country in respect of which a double tax agreement (as defined in Part X of the
Income Tax Assessment Act 1936) is in force that is an agreement of a kind referred to in
subparagraph (b)(i), (ia), (ii), (iii), (iv) or (v) of that definition.
• A general partner of a limited partnership can apply to the Committee at any time.
• The Committee must decide an application within 60 days but may extend by 60 days.
A limited partnership may receive conditional registration as a VCLP if it does not meet
the registration requirements. However, the Committee must be satisfied it will meet the
registration requirements within 24 months.
Once registered, a VCLP must operate as a VCLP in accordance with the appropriate
legislation and only make eligible venture capital investments. VCLPs are required to
report quarterly and annually to the Committee on investment activities.
Further Information
Please contact the 13 28 46, business.gov.au or email VentureCapital@industry.gov.au.