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 Industry Innovation and Science Australia that activities are not ineligible activities  

Private rulings by Industry Innovation and Science Australia  

SECTION 362-25   INDUSTRY INNOVATION AND SCIENCE AUSTRALIA MAY MAKE PRIVATE RULINGS ON A SPECIFIED ACTIVITY  

362-25(1)  


*Industry Innovation and Science Australia may, on application, make a ruling that Industry Innovation and Science Australia considers that a specified activity:

(a)  is not an ineligible activity for the purposes of subsections 118-425(13) and 118-427(14) of the Income Tax Assessment Act 1997 ; or

(b)  in specified circumstances, is not such an ineligible activity;

if Industry Innovation and Science Australia is satisfied that the activity is not such an ineligible activity, or is not in those circumstances such an ineligible activity, as the case requires.

Note:

An activity will not be an ineligible activity for the purposes of subsections 118-425(13) and 118-427(14) of the Income Tax Assessment Act 1997 if, for example, it is covered by subsections 118-425(13A) and 118-427(14A) of that Act.

362-25(2)  
Such a ruling is a private ruling .

Note:

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

362-25(3)  


In considering whether to make a *private ruling under this Division, *Industry Innovation and Science Australia must apply any principles made under subsection (4) .

362-25(4)  


*Industry Innovation and Science Australia may, by legislative instrument, make principles about making *private rulings under this Division.

362-25(5)  
A failure to comply with subsection (3) does not affect the validity of the ruling.


 

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