Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 25.15

             (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:

                     (a)  a company's primary activity is not an ineligible activity mentioned in subsection 118‑425(13) of the Income Tax Assessment Act 1997 ; and

                     (b)  the company's failure to satisfy at least 2 of the requirements in subsection 118‑425(3) of that Act is temporary and did not exist at the time the relevant investment in the company was made and, if it has been disposed of, when it was disposed of.

          (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:

                     (a)  a unit trust's primary activity is not an ineligible activity mentioned in subsection 118‑427(14) of the Income Tax Assessment Act 1997 ; and

                     (b)  the unit trust's failure to satisfy at least 2 of the requirements in subsection 118‑427(4) of that Act is temporary and did not exist at the time the relevant investment in the unit trust was made and, if it has been disposed of, when it was disposed of.

             (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 makes a determination under subsection (1), 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 .