25‑5 Industry Innovation and Science Aus25‑5 Industry Innovation and Science Australia may determine a shorter period

25‑5 Industry Innovation and Science Australia may determine a shorter period

(1) *Industry Innovation and Science 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) *Industry Innovation and Science 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 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 a shorter period, 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.