Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) * Industry 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.
Note: Determining these matters allows for the relaxation of some of the requirements for eligible venture capital investments under sections 118 - 425 and 118 - 427 of the Income Tax Assessment Act 1997 .
(1A) In making a determination under paragraph (1)(b) or (e), * Industry 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.
(2) An application under this section must be in the * form approved by Industry Innovation and Science Australia.
(3) In considering whether to make a determination, * Industry Innovation and Science Australia must apply the principles specified under subsection (4).
(4) * Industry Innovation and Science Australia may, by legislative instrument, make principles about making determinations under this section.
(5) If * Industry Innovation and Science Australia makes a determination under subsection (1), Industry Innovation and Science Australia must notify the * general partner as soon as practicable after the determination is made.
(6) If * Industry Innovation and Science Australia refuses to make a determination, Industry Innovation and Science Australia must:
(a) notify the * general partner as soon as practicable after the refusal; and
(b) provide reasons for the refusal.
Table of sections
29 - 1 Decisions reviewed
29 - 5 Notification of right to seek internal review
29 - 10 Internal review of decisions
29 - 15 Review of decisions by Administrative Review Tribunal