Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 21.20

             (1)  An * entity registered under this Part must, within 3 months after the end of each * financial year, give * Innovation Australia a written return that includes the following information:

                     (a)  the entity's residency status at the end of the financial year (including details of changes to that status during the year);

                     (b)  the address of the entity's registered office (including details of changes to that address during the year);

                     (c)  details of the facts that qualify the entity to be tax exempt in its country of residence;

                     (d)  details of the facts that qualify the entity as an * eligible venture capital investor;

                     (e)  details of:

                              (i)  the * eligible venture capital investments the entity made during that year; and

                             (ii)  the eligible venture capital investments that the entity disposed of during that year; and

                            (iii)  the eligible venture capital investments the entity holds at the end of that year; and

                            (iv)  the disposals of eligible venture capital investments during that year including any profits derived or losses incurred from that disposal;

                      (f)  the industries to which those investments relate;

                     (g)  for each investment in a company that the entity held throughout that year--a statement 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;

                     (h)  for each investment in a company that the entity made during that year--a statement 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 after the investment was made; 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 after the investment was made; 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 after the investment was made;

                      (i)  for each investment in a company that the entity disposed of during that year--a statement 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 up to the day of disposal; 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 up to the day of disposal; 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 up to the day of disposal;

                      (j)  for each investment in a unit trust that the entity held throughout that year--a statement 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;

                     (k)  for each investment in a unit trust that the entity made during that year--a statement as to whether the unit trust met those requirements at all times during that year after the investment was made;

                      (l)  for each investment in a unit trust that the entity disposed of during that year--a statement as to whether the unit trust met those requirements at all times during that year up to the day of disposal.

                     (2)  Information about a matter that a return must include because of paragraph (1)(a) or (b) is information about that matter as at the end of the financial year.

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