Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - NOTES

No. 137, 2002

Compilation No. 9

Compilation date: 11 September 2021

Includes amendments up to: Act No. 101, 2021

Registered: 11 November 2021

About this compilation

This compilation

This is a compilation of the Venture Capital Act 2002 that shows the text of the law as amended and in force on 11 September 2021 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1--Preliminary

Division 1--Preliminary

1-1.................................Short title

1-5.............................Commencement

1-10..............................Interpretation

1-15.......................Identifying defined terms

Division 3--A guide to this Act

3-1..........................What this Act is about

3-5...............Registration of limited partnerships (Part  2)

3-10......Registration of eligible venture capital investors (Part  3)

3-15Determinations by Innovation and Science Australia concerning certain investments (Part 4)

3-20.......................Review of decisions (Part  5)

3-25..........................Miscellaneous (Part  6)

Part 2--Registration of limited partnerships

Division 7--A guide to this Part

7-1.................................What this Part is about

Division 9--Registration requirements

9-1.................Registration requirements of VCLPs

9-3...............Registration requirements of ESVCLPs

9-4.Allowing a partner's committed capital to exceed the 30% limit

9-5.................Registration requirements of AFOFs

9-10...............................Meaning of permitted loan

Division 11--Application for registration

11-1......................Application for registration

11-5Determination of further information to be included in application

11-10...............Further information may be requested

11-15........Period within which application must be decided

Division 13--Registration

13-1...............................Registration

13-5........................Conditional registration

13-10....................When registration is in force

13-15.............An ESVCLP's approved investment plan

13-20.......Deciding whether investment plans are appropriate

Division 15--Obligations while registered

15-1..............................Annual return

15-5.Determination of further information to be included in returns

15-10...........................Quarterly returns

15-15...............Further information may be requested

15-17....................Annual reports for ESVCLPs

15-20................Other information may be requested

Division 17--Revocation of registration

17-1Revoking registration for not meeting investment registration requirements etc.

17-5Revoking registration for not meeting other registration requirements

17-10.Revocation at discretion of Innovation and Science Australia

17-15.........................Notice of revocation

17-20.....................Date of effect of revocation

17-25.............Revocation on application by partnership

Part 3--Registration of eligible venture capital investors

Division 21--Registration of eligible venture capital investors

Guide to Division 21 36

21-1......................What this Division is about

Operative provisions

21-5..........Registration as eligible venture capital investors

21-10........Period within which application must be decided

21-15....................When registration is in force

21-20...................Annual return by eligible entity

21-25.Revocation at discretion of Innovation and Science Australia

21-30......................Revocation on application

Part 4--Determinations by Innovation and Science Australia concerning certain investments

Division 25--Determinations by Innovation and Science Australia concerning certain investments

Guide to Division 25 42

25-1......................What this Division is about

Operative provisions

25-5Innovation and Science Australia may determine a shorter period

25-10Innovation and Science Australia may determine that a requirement does not apply

25-15Innovation and Science Australia may determine matters relating to requirements for eligible venture capital investments

Part 5--Review of decisions

Division 29--Review of decisions

29-1...........................Decisions reviewed

29-5............Notification of right to seek internal review

29-10.....................Internal review of decisions

29-15...Review of decisions by Administrative Appeals Tribunal

Part 6--Miscellaneous

Division 33--Miscellaneous

33-5...............................Meaning of form approved by Innovation and Science Australia

33-10..............................Regulations

Endnotes

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Table of sections

1-1 Short title

1-5 Commencement

1-10 Interpretation

1-15 Identifying defined terms

Endnotes

Endnote 1--About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Abbreviation key--Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history--Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation "(md)" added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation "(md not incorp)" is added to the details of the amendment included in the amendment history.

Endnote 2--Abbreviation key

 

ad = added or inserted	o = order(s)
am = amended	Ord = Ordinance
amdt = amendment	orig = original
c = clause(s)	par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub-subparagraph(s)
Ch = Chapter(s)	pres = present
def = definition(s)	prev = previous
Dict = Dictionary	(prev ... ) = previously
disallowed = disallowed by Parliament	Pt = Part(s)
Div = Division(s)	r = regulation(s)/rule(s)
ed = editorial change	reloc = relocated
exp = expires/expired or ceases/ceased to have	renum = renumbered
effect	rep = repealed
F = Federal Register of Legislation	rs = repealed and substituted
gaz = gazette	s = section(s)/subsection(s)
LA = Legislation Act 2003	Sch = Schedule(s)
LIA = Legislative Instruments Act 2003	Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given	SLI = Select Legislative Instrument
effect	SR = Statutory Rules
(md not incorp) = misdescribed amendment	Sub-Ch = Sub-Chapter(s)
cannot be given effect	SubPt = Subpart(s)
mod = modified/modification	underlining = whole or part not
No. = Number(s)	commenced or to be commenced

Endnote 3--Legislation history

 

Act	Number and year	Assent	Commencement	Application, saving and transitional provisions
Venture Capital Act 2002	137, 2002	19 Dec 2002	19 Dec 2002 (s 1-5)
Tax Laws Amendment (2004 Measures No. 3) Act 2004	105, 2004	30 June 2004	Sch 1 (items 14-19): 30 June 2004 (s 2(1) item  2)	Sch 1 (item 19)
Tax Laws Amendment (2004 Measures No. 7) Act 2005	41, 2005	1 Apr 2005	Sch 10 (items 243, 276): 1 Apr 2005 (s 2(1) items 5, 23)	--
Tax Laws Amendment (2007 Measures No. 2) Act 2007	78, 2007	21 June 2007	Sch 8 (items 54-84, 166-204, 218-347): 21 June 2007 (s 2(1) item 6) Sch 8 (items 352, 353): 19 Dec 2002 (s 2(1) item 7)	--
Tax Laws Amendment (2007 Measures No. 5) Act 2007	164, 2007	25 Sept 2007	Sch 12 (items 91-287): 27 Sept 2007 (s 2(1) item  9)	Sch 12 (items 279-287)
Statute Law Revision Act 2013	103, 2013	29 June 2013	Sch 3 (items 336-343): 29 June 2013 (s 2(1) item 16)	Sch 3 (item 343)
Tax Laws Amendment (Tax Incentives for Innovation) Act 2016	54, 2016	5 May 2016	Sch 2 (items 6, 7, 15-20, 35-45, 52, 53, 62, 63, 77-82): 1  July 2016 (s 2(1) items 3, 8)	Sch 2 (items 7, 20, 44, 45, 53, 63)
Industry Research and Development Amendment (Innovation and Science Australia) Act 2016	63, 2016	20 Oct 2016	Sch 1 (item 49): 20 Oct 2016 (s 2(1) item 1)	--
Treasury Laws Amendment (Tax Integrity and Other Measures) Act 2018	124, 2018	3 Oct 2018	Sch 3 (items 5, 6): 1 Jan 2019 (s 2(1) item 1)	Sch 3 (item 6)
Industry Research and Development Amendment (Industry Innovation and Science Australia) Act 2021	101, 2021	10 Sept 2021	Sch 1 (item 6): 11 Sept 2021 (s 2(1) item 1)	--

Endnote 4--Amendment history

 

Provision affected	How affected
Part 1
Division 1
s 1-15.............	am Nos 78 and 164, 2007; No 63, 2016; No 101, 2021
Division 3
s 3-1..............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 3-5..............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 3-15.............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 3-20.............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
Part 2
Part 2 heading.............	rs. No. 78, 2007
Division 7
s 7-1..............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
Division 9
s. 9-1.............	am. No. 78, 2007
s 9-3..............	ad No 78, 2007
	am No 164, 2007; No 54, 2016; No 63, 2016; No 101, 2021
s 9-4..............	ad No 78, 2007
	am No 164, 2007; No 63, 2016; No 101, 2021
s. 9-5.............	am. No. 78, 2007
s 9-10.............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
Division 11
s 11-1.............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 11-5.............	am No 78, 2007; No 164, 2007; No 103, 2013; No 63, 2016; No 101, 2021
s 11-10............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 11-15............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
Division 13
s 13-1.............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 13-5.............	am No 78, 2007; No 164, 2007; No 54, 2016; No 63, 2016; No 101, 2021
s. 13-10...........	am. No. 78, 2007
s 13-15............	ad No 78, 2007
	am No 164, 2007; No 63, 2016; No 101, 2021
s 13-20............	ad No 78, 2007
	am No 164, 2007; No 63, 2016; No 101, 2021
Division 15
s 15-1.............	am No 105, 2004; Nos 78 and 164, 2007; No 54, 2016; No 63, 2016; No 101, 2021
s 15-5.............	am Nos 78 and 164, 2007; No 103, 2013; No 63, 2016; No 101, 2021
s 15-10............	am No 105, 2004; Nos 78 and 164, 2007; No 54, 2016; No 63, 2016; No 101, 2021
s 15-15............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 15-17............	ad No 78, 2007
	am No 164, 2007; No 63, 2016; No 101, 2021
s 15-20............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
Division 17
s 17-1.............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s. 17-3............	ad. No. 78, 2007
	am. No. 164, 2007
	rep No 54, 2016
s 17-5.............	am No 78, 2007; No 164, 2007; No 54, 2016; No 63, 2016; No 101, 2021
s 17-10............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 17-15............	am No 78, 2007; No 164, 2007; No 54, 2016; No 63, 2016; No 101, 2021
s 17-20............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s.17-25............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
Part 3
Division 21
s 21-1.............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
Link note to Guide..........	rep. No. 41, 2005
s 21-5.............	am No 41 ,2005; am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 21-10............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 21-20............	am No 105, 2004; Nos 78 and 164, 2007; No 54, 2016; No 63, 2016; No 101, 2021
s 21-25............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 21-30............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
Part 4
Part 4 heading.............	rs Nos 78 and 164, 2007
	am No 63, 2016; No 101, 2021
Division 25
Division 25 heading..........	rs Nos 78 and 164, 2007
	am No 63, 2016; No 101, 2021
s 25-1.............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
Link note to Guide..........	rep. No. 41, 2005
s 25-5.............	am Nos 78 and 164, 2007; No 103, 2013; No 63, 2016; No 101, 2021
s 25-10............	am Nos 78 and 164, 2007; No 103, 2013; No 63, 2016; No 101, 2021
s 25-15............	ad No 105, 2004
	am No 78, 2007; No 164, 2007; No 103, 2013; No 54, 2016; No 63, 2016; No 101, 2021
Part 5
Division 29
s 29-1.............	am No 105, 2004; No 78, 2007; No 164, 2007; No 54, 2016; No 63, 2016; No 124, 2018 ; No 101, 2021
s 29-5.............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 29-10............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
s 29-15............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021
Part 6
Division 33
s. 33-1............	am. No. 78, 2007
	rep. No. 164, 2007
s 33-5.............	am No 78, 2007; No 164, 2007; No 63, 2016; No 101, 2021