Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 15.1

                   A * general partner of a partnership registered under this Part as a * VCLP, an * ESVCLP or an * AFOF must, within 3 months after the end of each * financial year, give * Innovation Australia a written return that includes the following information:

                     (a)  the name and address of each partner, and that partner's residency status at the end of the financial year (including details of changes to that status during the year);

                     (b)  in relation to each partner claiming to be tax exempt--details of the facts that qualify the partner to be tax exempt in his or her country of residence;

                     (c)  details of:

                              (i)  the amount of each partner's * committed capital in the partnership; and

                             (ii)  any acquisitions or disposals of a partner's * equity interests in the partnership during the year including any consideration given or received for that acquisition or disposal;

                     (d)  details of any variation made to the partnership agreement during the year;

                     (e)  details of:

                              (i)  investments the partnership made during that year; and

                             (ii)  investments the partnership owns at the end of that year; and

                            (iii)  disposals of investments during that year including any profits derived or losses incurred from that disposal;

                      (f)  if the partnership is registered under this Part as a VCLP--a statement from a general partner as to whether the partnership met the * registration requirements of a VCLP throughout the financial year;

                    (fa)  if the partnership is registered under this Part as an ESVCLP--a statement from a general partner as to whether the partnership met the * registration requirements of an ESVCLP throughout the financial year;

                     (g)  if the partnership is registered under this Part as an AFOF--a statement from a general partner as to whether the partnership met the * registration requirements of an AFOF throughout the financial year;

                    (ga)  for an investment in a company that the partnership held throughout the financial year--a statement from a general partner as to whether:

                              (i)  the company met the requirements of subsections 118‑425(3), (4) and (5) of the Income Tax Assessment Act 1997 at all times during that year; and

                             (ii)  if subsection 118‑425(11) of that Act applied to the company in relation to another company--the other company failed to meet the requirements of subparagraph 118‑425(11)(d)(i) of that Act at any time during that year; and

                            (iii)  if subsection 118‑425(11) of that Act applied to the company in relation to a unit trust--the unit trust failed to meet the requirements of subparagraph 118‑425(11)(d)(ii) of that Act at any time during that year;

                    (gb)  for an investment in a unit trust that the partnership held throughout the financial year--a statement from a general partner as to whether the unit trust met the requirements of subsections 118‑427(4), (5) and (6) of the Income Tax Assessment Act 1997 at all times during that year;

                     (h)  such further information as Innovation Australia determines under section 15‑5.

Note:          Part 7.4 of the Criminal Code creates offences for making false or misleading statements, giving false or misleading information and producing false or misleading documents.