Venture Capital Act 2002
PART 4
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DETERMINATIONS BY INDUSTRY INNOVATION AND SCIENCE AUSTRALIA CONCERNING CERTAIN INVESTMENTS
Division 25
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Determinations by Industry Innovation and Science Australia concerning certain investments
Operative provisions
SECTION 25-10
INDUSTRY INNOVATION AND SCIENCE AUSTRALIA MAY DETERMINE THAT A REQUIREMENT DOES NOT APPLY
25-10(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.
25-10(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.
25-10(2)
An application under this section must be in the form approved by Industry Innovation and Science Australia.
25-10(3)
In considering whether to make a determination, * Industry Innovation and Science Australia must apply the principles specified under subsection (4) .
25-10(4)
* Industry Innovation and Science Australia may, by legislative instrument, make principles about making determinations under this section.
25-10(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.
25-10(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.
25-10(7)
(Repealed by No 103 of 2013)
View history note
Hide history note* 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.
25-10(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.
25-10(2)
An application under this section must be in the form approved by Industry Innovation and Science Australia.
25-10(3)
In considering whether to make a determination, * Industry Innovation and Science Australia must apply the principles specified under subsection (4) .
25-10(4)
* Industry Innovation and Science Australia may, by legislative instrument, make principles about making determinations under this section.
25-10(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.
25-10(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.
25-10(7)
(Repealed by No 103 of 2013)
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