VENTURE CAPITAL ACT 2002

PART 4 - DETERMINATIONS BY INNOVATION AND SCIENCE AUSTRALIA CONCERNING CERTAIN INVESTMENTS  

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

Operative provisions  

SECTION 25-10   INNOVATION AND SCIENCE AUSTRALIA MAY DETERMINE THAT A REQUIREMENT DOES NOT APPLY  

25-10(1)  


*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.

25-10(1A)  


*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.

25-10(2)  


An application under this section must be in the form approved by Innovation and Science Australia.

25-10(3)  


In considering whether to make a determination, *Innovation and Science Australia must apply the principles specified under subsection (4).

25-10(4)  


*Innovation and Science Australia may, by legislative instrument, make principles about making determinations under this section.

25-10(5)  


If *Innovation and Science Australia determines that a requirement does not apply, Innovation and Science Australia must notify the *general partner as soon as practicable after the determination is made.

25-10(6)  


If *Innovation and Science Australia refuses to make a determination, Innovation and Science Australia must:


(a) notify the *general partner as soon as practicable after the refusal; and


(b) provide reasons for the refusal.

25-10(7)  
(Repealed by No 103 of 2013)




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