Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) * Industry Innovation and Science Australia may, on the application of a * general partner of a partnership registered as a * VCLP, an * ESVCLP or an * AFOF , determine that either or both of the following requirements do not apply to a * company:
(a) the requirement referred to under subparagraph 118 - 425(2)(b)(i) of the Income Tax Assessment Act 1997 that more than 50% of the people who are currently engaged by the company to perform services must perform those services primarily in Australia;
(b) the requirement referred to under subparagraph 118 - 425(2)(b)(ii) of that Act that more than 50% of its assets (determined by value) must be situated in Australia .
(1A) * Industry Innovation and Science Australia may, on the application of a * general partner of a partnership registered as a * VCLP, an * ESVCLP or an * AFOF, determine that either or both of the following requirements do not apply to a unit trust:
(a) the requirement referred to under subparagraph 118 - 427(3)(c)(i) of the Income Tax Assessment Act 1997 that more than 50% of the people who are currently engaged by the unit trust to perform services must perform those services primarily in Australia;
(b) the requirement referred to under subparagraph 118 - 427(3)(c)(ii) of that Act that more than 50% of its assets (determined by value) must be situated in Australia .
(2) An application under this section must be in the form approved by Industry Innovation and Science Australia .
(3) In considering whether to make a determination, * Industry Innovation and Science Australia must apply the principles specified under subsection ( 4).
(4) * Industry Innovation and Science Australia may , by legislative instrument, make principles about making determinations under this section.
(5) If * Industry Innovation and Science Australia determines that a requirement does not apply, Industry Innovation and Science Australia must notify the * general partner as soon as practicable after the determination is made.
(6) If * Industry Innovation and Science Australia refuses to make a determination, Industry Innovation and Science Australia must:
(a) notify the * general partner as soon as practicable after the refusal; and
(b) provide reasons for the refusal.