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 25-15   INNOVATION AND SCIENCE AUSTRALIA MAY DETERMINE MATTERS RELATING TO REQUIREMENTS FOR ELIGIBLE VENTURE CAPITAL INVESTMENTS  

25-15(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:


(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 .

25-15(1A)  


In making a determination under paragraph (1)(b) or (e), *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.

25-15(2)  


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

25-15(3)  


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

25-15(4)  


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

25-15(5)  


If *Innovation and Science Australia makes a determination under subsection (1), Innovation and Science Australia must notify the *general partner as soon as practicable after the determination is made.

25-15(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.

25-15(7)  
(Repealed by No 103 of 2013)




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