SCHEDULE 1
-
COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
History
Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).
Note: See section
3AA
.
Chapter 5
-
Administration
History
Ch 5 title inserted by
No 73 of 2006
, s 3 and Sch 5 item 44, effective 1 July 2006.
PART 5-5
-
RULINGS
History
Pt 5-5 inserted by No 179 of 1999.
Division 362
-
Rulings by Industry Innovation and Science Australia that activities are not ineligible activities
History
Div 362 heading amended by No 101 of 2021, s 3 and Sch 1 item 5(e), by substituting
"
Industry Innovation and Science Australia
"
for
"
Innovation and Science Australia
"
, effective 11 September 2021.
Div 362 heading amended by No 63 of 2016, s 3 and Sch 1 item 48(d), by substituting
"
Innovation and Science Australia
"
for
"
Innovation Australia
"
, effective 20 October 2016.
Div 362 inserted by No 54 of 2016, s 3 and Sch 2 item 61, applicable in relation to the 2016-17 income year and later income years.
Private rulings by Industry Innovation and Science Australia
History
Subdiv 362-25 heading amended by No 101 of 2021, s 3 and Sch 1 item 5(e), by substituting
"
Industry Innovation and Science Australia
"
for
"
Innovation and Science Australia
"
, effective 11 September 2021.
SECTION 362-25
INDUSTRY INNOVATION AND SCIENCE AUSTRALIA MAY MAKE PRIVATE RULINGS ON A SPECIFIED ACTIVITY
362-25(1)
*Industry Innovation and Science Australia may, on application, make a ruling that Industry Innovation and Science Australia considers that a specified activity:
(a)
is not an ineligible activity for the purposes of subsections
118-425(13)
and
118-427(14)
of the
Income Tax Assessment Act 1997
; or
(b)
in specified circumstances, is not such an ineligible activity;
if Industry Innovation and Science Australia is satisfied that the activity is not such an ineligible activity, or is not in those circumstances such an ineligible activity, as the case requires.
Note:
An activity will not be an ineligible activity for the purposes of subsections
118-425(13)
and
118-427(14)
of the
Income Tax Assessment Act 1997
if, for example, it is covered by subsections
118-425(13A)
and
118-427(14A)
of that Act.
History
S 362-25(1) amended by No 101 of 2021, s 3 and Sch 1 items 5(a) and (c), by substituting
"
*Industry Innovation and Science Australia
"
for
"
*Innovation and Science Australia
"
and
"
Industry Innovation and Science Australia
"
for
"
Innovation and Science Australia
"
(wherever occurring), effective 11 September 2021.
S 362-25(1) amended by No 124 of 2018, s 3 and Sch 3 item 4, by inserting the note at the end of the subsection, effective 1 January 2019 and applicable in relation to investments made on or after 1 July 2018.
S 362-25(1) amended by No 63 of 2016, s 3 and Sch 1 items 48(a) and (c), by substituting
"
*Innovation and Science Australia
"
for
"
*Innovation Australia
"
and
"
Innovation and Science Australia
"
for
"
Innovation Australia
"
(wherever occurring), effective 20 October 2016.
362-25(2)
Such a ruling is a
private ruling
.
Note:
Decisions making such a ruling, and decisions refusing to make such a ruling, are reviewable under Part
5
of the
Venture Capital Act 2002
.
362-25(3)
In considering whether to make a *private ruling under this Division, *Industry Innovation and Science Australia must apply any principles made under subsection
(4)
.
History
S 362-25(3) amended by No 101 of 2021, s 3 and Sch 1 item 5(a), by substituting
"
*Industry Innovation and Science Australia
"
for
"
*Innovation and Science Australia
"
, effective 11 September 2021.
S 362-25(3) amended by No 63 of 2016, s 3 and Sch 1 item 48(a), by substituting
"
*Innovation and Science Australia
"
for
"
*Innovation Australia
"
, effective 20 October 2016.
362-25(4)
*Industry Innovation and Science Australia may, by legislative instrument, make principles about making *private rulings under this Division.
History
S 362-25(4) amended by No 101 of 2021, s 3 and Sch 1 item 5(a), by substituting
"
*Industry Innovation and Science Australia
"
for
"
*Innovation and Science Australia
"
, effective 11 September 2021.
S 362-25(4) amended by No 63 of 2016, s 3 and Sch 1 item 48(a), by substituting
"
*Innovation and Science Australia
"
for
"
*Innovation Australia
"
, effective 20 October 2016.
362-25(5)
A failure to comply with subsection
(3)
does not affect the validity of the ruling.
History
S 362-25 inserted by No 54 of 2016, s 3 and Sch 2 item 61, applicable in relation to the 2016-17 income year and later income years.
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