Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 25.15

  (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:

  (a)   the matters set out in paragraphs 118 - 425(14)(a) and (b) of the Income Tax Assessment Act 1997 ; or

  (b)   the matters set out in paragraphs 118 - 425(14B)(a), (b) and (c) of that Act; or

  (c)   the matters set out in paragraphs 118 - 425(14C)(a) and (b) of that Act; or

  (d)   the matters set out in paragraphs 118 - 427(15)(a) and (b) of that Act; or

  (e)   the matters set out in paragraphs 118 - 427(15A)(a), (b) and (c) of that Act; or

  (f)   the matters set out in paragraphs 118 - 427(15B)(a) and (b) of that Act.

Note:   Determining these matters allows for the relaxation of some of the requirements for eligible venture capital investments under sections   118 - 425 and 118 - 427 of the Income Tax Assessment Act 1997 .

  (1A)   In making a determination under paragraph   ( 1)(b) or (e), * Industry Innovation and Science Australia must specify in the determination a period for the purposes of paragraph   118 - 425(14B)(c) or 118 - 427(15A)(c) of the Income Tax Assessment Act 1997 , as the case requires.

  (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 makes a determination under subsection   ( 1), 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.

Table of sections

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