TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-5 - RULINGS  

Division 362 - Rulings by Innovation and Science Australia that activities are not ineligible activities  

Private rulings by Innovation and Science Australia  

SECTION 362-25   INNOVATION AND SCIENCE AUSTRALIA MAY MAKE PRIVATE RULINGS ON A SPECIFIED ACTIVITY  

362-25(1)  
*Innovation and Science Australia may, on application, make a ruling that Innovation and Science Australia considers that a specified activity:


(a) is not an ineligible activity for the purposes of subsections 118-425(13) and 118-427(14) of the Income Tax Assessment Act 1997 ; or


(b) in specified circumstances, is not such an ineligible activity;

if Innovation and Science Australia is satisfied that the activity is not such an ineligible activity, or is not in those circumstances such an ineligible activity, as the case requires.

Note:

An activity will not be an ineligible activity for the purposes of subsections 118-425(13) and 118-427(14) of the Income Tax Assessment Act 1997 if, for example, it is covered by subsections 118-425(13A) and 118-427(14A) of that Act.

362-25(2)  
Such a ruling is a private ruling .

Note:

Decisions making such a ruling, and decisions refusing to make such a ruling, are reviewable under Part 5 of the Venture Capital Act 2002 .

362-25(3)  
In considering whether to make a *private ruling under this Division, *Innovation and Science Australia must apply any principles made under subsection (4).

362-25(4)  
*Innovation and Science Australia may, by legislative instrument, make principles about making *private rulings under this Division.

362-25(5)  
A failure to comply with subsection (3) does not affect the validity of the ruling.




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