Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) * Industry Innovation and Science Australia may, on the application of a * general partner of a * limited partnership registered as a * VCLP, an * ESVCLP or an * AFOF, determine a shorter period during which a * company must meet the requirements of paragraph 118 - 425(2)(b) of the Income Tax Assessment Act 1997 .
(1A) * Industry Innovation and Science Australia may, on the application of a * general partner of a * limited partnership registered as a * VCLP, an * ESVCLP or an * AFOF, determine a shorter period during which a unit trust must meet the requirements of paragraph 118 - 427(3)(c) of the Income Tax Assessment Act 1997 .
(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 determines a shorter period, 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.