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 25-5   INNOVATION AND SCIENCE AUSTRALIA MAY DETERMINE A SHORTER PERIOD  

25-5(1)  


*Innovation and Science Australia may, on the application of a *general partner of a *limited partnership registered as a *VCLP, an *ESVCLP or an *AFOF, determine a shorter period during which a *company must meet the requirements of paragraph 118-425(2)(b) of the Income Tax Assessment Act 1997 .

25-5(1A)  


*Innovation and Science Australia may, on the application of a *general partner of a *limited partnership registered as a *VCLP, an *ESVCLP or an *AFOF, determine a shorter period during which a unit trust must meet the requirements of paragraph 118-427(3)(c) of the Income Tax Assessment Act 1997 .

25-5(2)  


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

25-5(3)  


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

25-5(4)  


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

25-5(5)  


If *Innovation and Science Australia determines a shorter period, Innovation and Science Australia must notify the *general partner as soon as practicable after the determination is made.

25-5(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.

25-5(7)  
(Repealed by No 103 of 2013)




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