INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

Subdivision 118-F - Venture capital investment  

Operative provisions

SECTION 118-432   Findings of substantially novel applications of technology  

Public findings

118-432(1)  
*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.

Note:

A substantially novel application of a technology could, for example, take the form of a substantially novel product or service.

Private findings

118-432(2)  
*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.

Note:

A refusal to make a finding is reviewable (see Part 5 of the Venture Capital Act 2002 ).

Period for which a finding is in force

118-432(3)  
Subject to variation or revocation, a finding under subsection (1) or paragraph (2)(a) is in force for the period specified in the finding.

Note:

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 Innovation and Science Australia.

118-432(5)  
*Innovation and Science Australia must notify the applicant in writing of any decision under subsection (2) about the application.

118-432(6)  
A failure to comply with subsection (5) does not affect the validity of a finding or decision.


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