Income Tax Assessment Act 1997



Division 118 - Exemptions  

Subdivision 118-F - Venture capital investment  

Operative provisions

SECTION 118-432   Findings of substantially novel applications of technology  

Public findings


*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.

Private findings


*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 ).

Period for which a finding is in force

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


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.


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