Income Tax Assessment Act 1997
*Industry Innovation and Science Australia may, by legislative instrument, find that each activity within a specified class is a substantially novel application of one or more technologies.
A substantially novel application of a technology could, for example, take the form of a substantially novel product or service.
*Industry Innovation and Science Australia may, on application by a company or unit trust, make a written decision: (a) finding that a specified activity is a substantially novel application of one or more technologies; or (b) refusing to make such a finding about a specified activity.
A refusal to make a finding is reviewable (see Part 5 of the Venture Capital Act 2002 ).
Subject to variation or revocation, a finding under subsection (1) or paragraph (2)(a) is in force for the period specified in the finding.
For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 .Applications for private findings 118-432(4)
An application for a finding under paragraph (2)(a) must be in the *form approved by Industry Innovation and Science Australia.
*Industry Innovation and Science Australia must notify the applicant in writing of any decision under subsection (2) about the application.
A failure to comply with subsection (5) does not affect the validity of a finding or decision.