VENTURE CAPITAL ACT 2002
*Innovation and Science Australia may, on the application of a *general partner of a partnership registered as a *VCLP, an *ESVCLP or an *AFOF, determine:
(a) the matters set out in paragraphs 118-425(14)(a) and (b) of the Income Tax Assessment Act 1997 ; or
(b) the matters set out in paragraphs 118-425(14B)(a) , (b) and (c) of that Act; or
(c) the matters set out in paragraphs 118-425(14C)(a) and (b) of that Act; or
(d) the matters set out in paragraphs 118-427(15)(a) and (b) of that Act; or
(e) the matters set out in paragraphs 118-427(15A)(a) , (b) and (c) of that Act; or
(f) the matters set out in paragraphs 118-427(15B)(a) and (b) of that Act.
In making a determination under paragraph (1)(b) or (e), *Innovation and Science Australia must specify in the determination a period for the purposes of paragraph 118-425(14B)(c) or 118-427(15A)(c) of the Income Tax Assessment Act 1997 , as the case requires.
An application under this section must be in the *form approved by Innovation and Science Australia.
In considering whether to make a determination, *Innovation and Science Australia must apply the principles specified under subsection (4).
*Innovation and Science Australia may, by legislative instrument, make principles about making determinations under this section.
If *Innovation and Science Australia makes a determination under subsection (1), Innovation and Science Australia must notify the *general partner as soon as practicable after the determination is made.
If *Innovation and Science Australia refuses to make a determination, Innovation and Science Australia must:
(a) notify the *general partner as soon as practicable after the refusal; and
(b) provide reasons for the refusal.
(Repealed by No 103 of 2013)
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