Commonwealth Numbered Acts

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VENTURE CAPITAL ACT 2002 No. 137, 2002 - SECT 25.10

PDF Board may determine that a requirement does not apply
(1)
The * PDF Board may, on the application of a * general partner of a partnership registered as a VCLP 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.
(2)
The application must be in the * form approved by the PDF Board.

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

(4)
The * PDF Board may make principles about making determinations under this section.

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

(6)
If the * PDF Board refuses to make a determination, the PDF Board 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 .

Table of sections

29-1 Decisions reviewed
29-5 Notification of right to seek internal review
29-10 Internal review of decisions
29-15 Review of decisions by Administrative Appeals Tribunal


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