Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.432

Public findings

  (1)   * 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.

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

Private findings

  (2)   * 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.

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

  (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

  (4)   An application for a finding under paragraph   (2)(a) must be in the * form approved by Industry Innovation and Science Australia.

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

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