Commonwealth Consolidated Acts Commonwealth Consolidated ActsAct No. 137 of 2002 as amended
This compilation was prepared on 4 October 2007
taking into account amendments up to Act No. 164 of 2007
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may
be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and
Publishing,
Attorney‑General's Department, Canberra
Contents
Part 1--Preliminary 1
Division 1--Preliminary 1
1‑1......... Short title [see Note 1] ....................................................................... 1
1‑5......... Commencement [see Note 1] .............................................................. 1
1‑10....... Interpretation ...................................................................................... 1
1‑15....... Identifying defined terms .................................................................... 1
Division 3--A guide to this Act 3
3‑1......... What this Act is about ........................................................................ 3
3‑5......... Registration of limited partnerships (Part 2) ...................................... 3
3‑10....... Registration of eligible venture capital investors (Part 3) ................... 3
3‑15....... Determinations by Innovation Australia concerning certain investments (Part 4) 4
3‑20....... Review of decisions (Part 5) ............................................................... 4
3‑25....... Miscellaneous (Part 6) ........................................................................ 4
Part 2--Registration of limited partnerships 5
Division 7--A guide to this Part 5
7‑1......... What this Part is about ....................................................................... 5
Division 9--Registration requirements 7
9‑1......... Registration requirements of VCLPs .................................................. 7
9‑3......... Registration requirements of ESVCLPs .............................................. 8
9‑4......... Allowing a partner's committed capital to exceed the 30% limit ..... 10
9‑5......... Registration requirements of AFOFs ............................................... 11
9‑10....... Meaning of permitted loan ................................................................ 12
Division 11--Application for registration 14
11‑1....... Application for registration .............................................................. 14
11‑5....... Determination of further information to be included in application . 15
11‑10..... Further information may be requested ............................................. 16
11‑15..... Period within which application must be decided ............................ 16
Division 13--Registration 17
13‑1....... Registration ....................................................................................... 17
13‑5....... Conditional registration .................................................................... 19
13‑10..... When registration is in force ............................................................. 20
13‑15..... An ESVCLP's approved investment plan ........................................ 21
13‑20..... Deciding whether investment plans are appropriate ........................ 22
Division 15--Obligations while registered 24
15‑1....... Annual return .................................................................................... 24
15‑5....... Determination of further information to be included in returns ....... 26
15‑10..... Quarterly returns .............................................................................. 26
15‑15..... Further information may be requested ............................................. 27
15‑17..... Annual reports for ESVCLPs ........................................................... 28
15‑20..... Other information may be requested ................................................ 28
Division 17--Revocation of registration 29
17‑1....... Revoking registration for not meeting investment registration requirements etc. 29
17‑3....... Revoking registration of ESVCLPs for not meeting divestiture registration requirement 30
17‑5....... Revoking registration for not meeting other registration requirements 31
17‑10..... Revocation at discretion of Innovation Australia ............................. 32
17‑15..... Notice of revocation ......................................................................... 33
17‑20..... Date of effect of revocation .............................................................. 33
17‑25..... Revocation on application by partnership ....................................... 34
Part 3--Registration of eligible venture capital investors 35
Division 21--Registration of eligible venture capital investors 35
Guide to Division 21 35
21‑1....... What this Division is about .............................................................. 35
Operative provisions 36
21‑5....... Registration as eligible venture capital investors .............................. 36
21‑10..... Period within which application must be decided ............................ 37
21‑15..... When registration is in force ............................................................. 37
21‑20..... Annual return by eligible entity ........................................................ 37
21‑25..... Revocation at discretion of Innovation Australia ............................. 40
21‑30..... Revocation on application ................................................................ 40
Part 4--Determinations by Innovation Australia concerning certain investments 41
Division 25--Determinations by Innovation Australia concerning certain investments 41
Guide to Division 25 41
25‑1....... What this Division is about .............................................................. 41
Operative provisions 41
25‑5....... Innovation Australia may determine a shorter period ...................... 41
25‑10..... Innovation Australia may determine that a requirement does not apply 42
25‑15..... Innovation Australia may determine that a requirement does not apply 44
Part 5--Review of decisions 46
Division 29--Review of decisions 46
29‑1....... Decisions reviewed ........................................................................... 46
29‑5....... Notification of right to seek internal review ..................................... 47
29‑10..... Internal review of decisions .............................................................. 47
29‑15..... Review of decisions by Administrative Appeals Tribunal .............. 48
Part 6--Miscellaneous 49
Division 33--Miscellaneous 49
33‑5....... Meaning of form approved by Innovation Australia ........................ 49
33‑10..... Regulations ....................................................................................... 49
Notes 51
An Act relating to venture capital investments, and for related purposes
Table of sections 1‑1 Short title 1‑5 Commencement 1‑10 Interpretation 1‑15 Identifying defined terms
Notes to
the
Venture Capital Act 2002 Note 1 The Venture Capital Act 2002 as shown in this
compilation comprises Act No. 137,
2002 amended as indicated in the Tables below. For all relevant information pertaining to application, saving
or transitional provisions see Table A. Table of Acts
|
Act |
Number |
Date |
Date of commencement |
Application, saving or transitional provisions |
|
137, 2002 |
19 Dec 2002 |
19 Dec 2002 |
|
|
|
Tax Laws Amendment (2004 Measures No. 3) Act 2004 |
105, 2004 |
30 June 2004 |
Schedule 2: 1 Apr 2004 |
Sch. 1 (item 19) |
|
Tax Laws Amendment (2004 Measures No. 7) Act 2005 |
41, 2005 |
1 Apr 2005 |
Schedule 10 (items 243, 276): Royal Assent |
-- |
|
Tax Laws Amendment (2007 Measures No. 2) Act 2007 |
78, 2007 |
21 June 2007 |
Schedule 8 (items 54-84, 166-204, |
-- |
|
Tax Laws Amendment (2007 Measures No. 5) Act 2007 |
164, 2007 |
25 Sept 2007 |
Schedule 12 (items 91-278): 27 Sept 2007 (see F2007L03842) |
-- |
(a) Subsection 2(1) (item 7) of the Tax Laws Amendment (2007 Measures No. 2) Act 2007 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
|
Commencement information |
||
|
Column 1 |
Column 2 |
Column 3 |
|
Provision(s) |
Commencement |
Date/Details |
|
7. Schedule 8, Part 5 |
Immediately after the commencement of the Venture Capital Act 2002. |
19 December 2002 |
Table of Amendments
|
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
|
|
Provision affected |
How affected |
|
Part 1 |
|
|
Division 1 |
|
|
S. 1‑15................................ |
am. Nos. 78 and 164, 2007 |
|
Division 3 |
|
|
Note to s. 3‑1...................... |
am. No. 78, 2007 |
|
|
rs. No. 164, 2007 |
|
Heading to s. 3‑5................. |
rs. No. 78, 2007 |
|
S. 3‑5.................................. |
am. Nos. 78 and 164, 2007 |
|
Heading to s. 3‑15............... |
rs. Nos. 78 and 164, 2007 |
|
S. 3‑15................................ |
am. Nos. 78 and 164, 2007 |
|
S. 3‑20................................ |
am. Nos. 78 and 164, 2007 |
|
Part 2 |
|
|
Heading to Part 2................. |
rs. No. 78, 2007 |
|
Division 7 |
|
|
S. 7‑1.................................. |
am. Nos. 78 and 164, 2007 |
|
Note to s. 7‑1...................... |
rs. No. 78, 2007 |
|
Division 9 |
|
|
S. 9‑1.................................. |
am. No. 78, 2007 |
|
S. 9‑3.................................. |
ad. No. 78, 2007 |
|
|
am. No. 164, 2007 |
|
S. 9‑4.................................. |
ad. No. 78, 2007 |
|
|
am. No. 164, 2007 |
|
S. 9‑5.................................. |
am. No. 78, 2007 |
|
S. 9‑10................................ |
am. Nos. 78 and 164, 2007 |
|
Division 11 |
|
|
S. 11‑1................................ |
am. Nos. 78 and 164, 2007 |
|
S. 11‑5................................ |
am. Nos. 78 and 164, 2007 |
|
S. 11‑10.............................. |
am. Nos. 78 and 164, 2007 |
|
S. 11‑15.............................. |
am. Nos. 78 and 164, 2007 |
|
Division 13 |
|
|
S. 13‑1................................ |
am. Nos. 78 and 164, 2007 |
|
S. 13‑5................................ |
am. Nos. 78 and 164, 2007 |
|
S. 13‑10.............................. |
am. No. 78, 2007 |
|
S. 13‑15.............................. |
ad. No. 78, 2007 |
|
|
am. No. 164, 2007 |
|
S. 13‑20.............................. |
ad. No. 78, 2007 |
|
|
am. No. 164, 2007 |
|
Division 15 |
|
|
S. 15‑1................................ |
am. No. 105, 2004; Nos. 78 and 164, 2007 |
|
S. 15‑5................................ |
am. Nos. 78 and 164, 2007 |
|
S. 15‑10.............................. |
am. No. 105, 2004; Nos. 78 and 164, 2007 |
|
S. 15‑15.............................. |
am. Nos. 78 and 164, 2007 |
|
S. 15‑17.............................. |
ad. No. 78, 2007 |
|
|
am. No. 164, 2007 |
|
S. 15‑20.............................. |
am. Nos. 78 and 164, 2007 |
|
Division 17 |
|
|
S. 17‑1................................ |
am. Nos. 78 and 164, 2007 |
|
S. 17‑3................................ |
ad. No. 78, 2007 |
|
|
am. No. 164, 2007 |
|
S. 17‑5................................ |
am. Nos. 78 and 164, 2007 |
|
Heading to s. 17‑10............. |
rs. Nos. 78 and 164, 2007 |
|
S. 17‑10.............................. |
am. Nos. 78 and 164, 2007 |
|
S. 17‑15.............................. |
am. Nos. 78 and 164, 2007 |
|
S. 17‑20.............................. |
am. Nos. 78 and 164, 2007 |
|
S. 17‑25.............................. |
am. Nos. 78 and 164, 2007 |
|
Part 3 |
|
|
Division 21 |
|
|
S. 21‑1................................ |
am. Nos. 78 and 164, 2007 |
|
Link note to Guide............... |
rep. No. 41 2005 |
|
S. 21‑5................................ |
am. No. 41 2005; Nos. 78 and 164, 2007 |
|
S. 21‑10.............................. |
am. Nos. 78 and 164, 2007 |
|
S. 21‑20.............................. |
am. No. 105, 2004; Nos. 78 and 164, 2007 |
|
Heading to s. 21‑25............. |
rs. Nos. 78 and 164, 2007 |
|
S. 21‑25.............................. |
am. Nos. 78 and 164, 2007 |
|
S. 21‑30.............................. |
am. Nos. 78 and 164, 2007 |
|
Part 4 |
|
|
Heading to Part 4................. |
rs. Nos. 78 and 164, 2007 |
|
Division 25 |
|
|
Heading to Div. 25 of Part 4 |
rs. Nos. 78 and 164, 2007 |
|
S. 25‑1................................ |
am. Nos. 78 and 164, 2007 |
|
Note to s. 25‑1.................... |
rep. No. 78, 2007 |
|
Notes 1, 2 to s. 25‑1........... |
ad. No. 78, 2007 |
|
Link note to Guide............... |
rep. No. 41 2005 |
|
Heading to s. 25‑5............... |
rs. Nos. 78 and 164, 2007 |
|
S. 25‑5................................ |
am. Nos. 78 and 164, 2007 |
|
Heading to s. 25‑10............. |
rs. Nos. 78 and 164, 2007 |
|
S. 25‑10.............................. |
am. Nos. 78 and 164, 2007 |
|
Heading to s. 25‑15............. |
rs. Nos. 78 and 164, 2007 |
|
S. 25‑15.............................. |
ad. No. 105, 2004 |
|
|
am. Nos. 78 and 164, 2007 |
|
Part 5 |
|
|
Division 29 |
|
|
S. 29‑1................................ |
am. No. 105, 2004; Nos. 78 and 164, 2007 |
|
S. 29‑5................................ |
am. Nos. 78 and 164, 2007 |
|
S. 29‑10.............................. |
am. Nos. 78 and 164, 2007 |
|
S. 29‑15.............................. |
am. Nos. 78 and 164, 2007 |
|
Part 6 |
|
|
Division 33 |
|
|
S. 33‑1................................ |
am. No. 78, 2007 |
|
|
rep. No. 164, 2007 |
|
Heading to s. 33‑5............... |
rs. Nos. 78 and 164, 2007 |
|
S. 33‑5................................ |
am. Nos. 78 and 164, 2007 |
Table A
Application, saving or transitional provisions
Tax Laws Amendment (2004 Measures No. 3) Act 2004 (No. 105, 2004)
Schedule 1
19 Application
The amendments made by this Schedule apply, and are taken to have applied, to CGT events relating to investments made on or after 1 July 2002.