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 362-50   DELAYS IN MAKING PRIVATE RULINGS  

362-50(1)  


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

(a)  made the ruling; nor

(b)  told the applicant that Industry 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 *Industry 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 *Industry Innovation and Science Australia
2 tells the applicant about assumptions *Industry 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 *Industry Innovation and Science Australia tells the applicant and ending on the day on which Industry Innovation and Science Australia receives the applicant ' s response about the assumptions
3 tells the applicant about information provided by a third party that *Industry 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 *Industry Innovation and Science Australia tells the applicant and ending on the day on which Industry Innovation and Science Australia receives the applicant ' s response about the information

362-50(3)  


If *Industry 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;

Industry 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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