25‑15 Industry Innovation and Science Au25‑15 Industry Innovation and Science Australia may determine matters relating to requirements for eligible venture capital investments

25‑15 Industry Innovation and Science Australia may determine matters relating to requirements for eligible venture capital investments

(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: (a) the matters set out in paragraphs 118‑425(14)(a) and (b) of the Income Tax Assessment Act 1997; or (b) the matters set out in paragraphs 118‑425(14B)(a), (b) and (c) of that Act; or (c) the matters set out in paragraphs 118‑425(14C)(a) and (b) of that Act; or (d) the matters set out in paragraphs 118‑427(15)(a) and (b) of that Act; or (e) the matters set out in paragraphs 118‑427(15A)(a), (b) and (c) of that Act; or (f) the matters set out in paragraphs 118‑427(15B)(a) and (b) of that Act.

Note: Determining these matters allows for the relaxation of some of the requirements for eligible venture capital investments under sections 118‑425 and 118‑427 of the Income Tax Assessment Act 1997.

(1A) In making a determination under paragraph (1)(b) or (e), *Industry Innovation and Science Australia must specify in the determination a period for the purposes of paragraph 118‑425(14B)(c) or 118‑427(15A)(c) of the Income Tax Assessment Act 1997, as the case requires. (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 makes a determination under subsection (1), 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.