Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 25.5

             (1)  * Innovation Australia may, on the application of a * general partner of a * limited partnership registered as a * VCLP, an * ESVCLP or an * AFOF, determine a shorter period during which a * company must meet the requirements of paragraph 118‑425(2)(b) of the Income Tax Assessment Act 1997 .

          (1A)  * Innovation Australia may, on the application of a * general partner of a * limited partnership registered as a * VCLP, an * ESVCLP or an * AFOF, determine a shorter period during which a unit trust must meet the requirements of paragraph 118‑427(3)(c) of the Income Tax Assessment Act 1997 .

             (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 a shorter period, * 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 .