Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 25.10

             (1)  * Innovation Australia may, on the application of a * general partner of a partnership registered as a * VCLP, an * ESVCLP or an * AFOF, determine that either or both of the following requirements do not apply to a * company:

                     (a)  the requirement referred to under subparagraph 118‑425(2)(b)(i) of the Income Tax Assessment Act 1997 that more than 50% of the people who are currently engaged by the company to perform services must perform those services primarily in Australia;

                     (b)  the requirement referred to under subparagraph 118‑425(2)(b)(ii) of that Act that more than 50% of its assets (determined by value) must be situated in Australia.

          (1A)  * Innovation Australia may, on the application of a * general partner of a partnership registered as a * VCLP, an * ESVCLP or an * AFOF, determine that either or both of the following requirements do not apply to a unit trust:

                     (a)  the requirement referred to under subparagraph 118‑427(3)(c)(i) of the Income Tax Assessment Act 1997 that more than 50% of the people who are currently engaged by the unit trust to perform services must perform those services primarily in Australia;

                     (b)  the requirement referred to under subparagraph 118‑427(3)(c)(ii) of that Act that more than 50% of its assets (determined by value) must be situated in Australia.

             (2)  An application under this section must be in the form approved by Innovation Australia.

             (3)  In considering whether to make a determination, * Innovation Australia must apply the principles specified under subsection (4).

             (4)  * Innovation Australia may make principles about making determinations under this section.

             (5)  If * Innovation Australia determines that a requirement does not apply, Innovation Australia must notify the * general partner as soon as practicable after the determination is made.

             (6)  If * Innovation Australia refuses to make a determination, Innovation Australia must:

                     (a)  notify the * general partner as soon as practicable after the refusal; and

                     (b)  provide reasons for the refusal.

             (7)  Principles made under subsection (4) are disallowable instruments for the purposes of section 46A of the Acts Interpretation Act 1901 .