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 362-50   DELAYS IN MAKING PRIVATE RULINGS  

362-50(1)  


The applicant for a *private ruling under this Division may give *Innovation and Science Australia a written notice requiring Innovation and Science Australia to make the ruling if, at the end of 60 days after the application was made, Innovation and Science Australia has neither:


(a) made the ruling; nor


(b) told the applicant that Innovation and Science Australia has refused to make the ruling.

362-50(2)  


The 60 day period mentioned in subsection (1) is extended in a circumstance applicable under the table by the extension period applicable to that circumstance. If 2 or more circumstances are applicable, ignore any overlap between the periods of extension.


Extending the 60 day period
Item If *Innovation and Science Australia, during the 60 day period: The 60 day period is extended by the number of days in this period:
1 requests further information under section 357-105 (as that section applies because of section 362-70 ) the period starting on the day the information was requested and ending on the day it is received by *Innovation and Science Australia
2 tells the applicant about assumptions *Innovation and Science Australia proposes to make under section 357-110 (as that section applies because of section 362-70 ) the period starting on the day *Innovation and Science Australia tells the applicant and ending on the day on which Innovation and Science Australia receives the applicant ' s response about the assumptions
3 tells the applicant about information provided by a third party that *Innovation and Science Australia proposes to take into account under section 357-120 (as that section applies because of section 362-70 ) the period starting on the day *Innovation and Science Australia tells the applicant and ending on the day on which Innovation and Science Australia receives the applicant ' s response about the information

362-50(3)  


If *Innovation and Science Australia:


(a) does not make the ruling within 30 days of the notice under subsection (1) being given; and


(b) has not otherwise declined to make the ruling by the end of that period;

Innovation and Science Australia is taken to have refused to make the ruling at the end of that period.

Note:

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




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