25‑10 Industry Innovation and Science Au25‑10 Industry Innovation and Science Australia may determine that a requirement does not apply

25‑10 Industry Innovation and Science Australia may determine that a requirement does not apply

(1) *Industry Innovation and Science 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) *Industry Innovation and Science 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 Industry Innovation and Science Australia. (3) In considering whether to make a determination, *Industry Innovation and Science Australia must apply the principles specified under subsection (4). (4) *Industry Innovation and Science Australia may, by legislative instrument, make principles about making determinations under this section. (5) If *Industry Innovation and Science Australia determines that a requirement does not apply, Industry Innovation and Science Australia must notify the *general partner as soon as practicable after the determination is made. (6) If *Industry Innovation and Science Australia refuses to make a determination, Industry Innovation and Science Australia must: (a) notify the *general partner as soon as practicable after the refusal; and (b) provide reasons for the refusal.