Venture Capital Act 2002

Part 4 (heading) amended by No 101 of 2021, s 3 and Sch 1 item 6(e), by substituting " Industry Innovation and Science Australia " for " Innovation and Science Australia " , effective 11 September 2021.

Part 4 (heading) amended by No 63 of 2016, s 3 and Sch 1 item 49(e), by substituting " Innovation and Science Australia " for " Innovation Australia " , effective 20 October 2016.

Part 4 (heading) substituted by No 164 of 2007, s 3 and Sch 12 item 228, effective 27 September 2007. The heading formerly read:

PART 4 - DETERMINATIONS BY THE VENTURE CAPITAL REGISTRATION BOARD CONCERNING CERTAIN INVESTMENTS

Part 4 (heading) substituted by No 78 of 2007, s 3 and Sch 8 item 303, effective 21 June 2007. The heading formerly read:

PART 4 - DETERMINATIONS BY THE PDF BOARD CONCERNING CERTAIN INVESTMENTS

Div 25 (heading) amended by No 101 of 2021, s 3 and Sch 1 item 6(e), by substituting " Industry Innovation and Science Australia " for " Innovation and Science Australia " , effective 11 September 2021.

Div 25 (heading) amended by No 63 of 2016, s 3 and Sch 1 item 49(e), by substituting " Innovation and Science Australia " for " Innovation Australia " , effective 20 October 2016.

Div 25 (heading) substituted by No 164 of 2007, s 3 and Sch 12 item 229, effective 27 September 2007. The heading formerly read:

Division 25 - Determinations by the Venture Capital Registration Board concerning certain investments

Div 25 (heading) substituted by No 78 of 2007, s 3 and Sch 8 item 304, effective 21 June 2007. The heading formerly read:

Division 25 - Determinations by the PDF Board concerning certain investments

S 25-15(1) amended by No 101 of 2021, s 3 and Sch 1 item 6(a), by substituting " *Industry Innovation and Science Australia " for " *Innovation and Science Australia " , effective 11 September 2021.

S 25-15(1) amended by No 63 of 2016, s 3 and Sch 1 item 49(a), by substituting " *Innovation and Science Australia " for " *Innovation Australia " , effective 20 October 2016.

S 25-15(1) substituted by No 54 of 2016, s 3 and Sch 2 item 42, effective 1 July 2016. No 54 of 2016, s 3 and Sch 2 item 45(1) contains the following application provision:

45 Pending applications under section 25-15 of the Venture Capital Act 2002  
(1)
Section 25-15 of the Venture Capital Act 2002 applies after the commencement of this item to applications made under subsection 25-15(1) of that Act that were pending immediately before that commencement as if they had been made under paragraph 25-15(1)(a) of that Act as so amended.

…

S 25-15(1) formerly read:

25-15(1)
*Innovation Australia may, on the application of a *general partner of a partnership registered as a *VCLP, an *ESVCLP or an *AFOF, determine that:

(a) a company ' s primary activity is not an ineligible activity mentioned in subsection 118-425(13) of the Income Tax Assessment Act 1997 ; and

(b) the company ' s failure to satisfy at least 2 of the requirements in subsection 118-425(3) of that Act is temporary and did not exist at the time the relevant investment in the company was made and, if it has been disposed of, when it was disposed of.

S 25-15(1) amended by No 164 of 2007, s 3 and Sch 12 item 250, by substituting " *Innovation Australia " for " The *Venture Capital Registration Board " , effective 27 September 2007.

S 25-15(1) amended by No 78 of 2007, s 3 and Sch 8 item 321, by substituting " *Venture Capital Registration Board " for " *PDF Board " , effective 21 June 2007.

S 25-15(1) amended by No 78 of 2007, s 3 and Sch 8 item 201, by inserting " , an *ESVCLP " after " *VCLP " , effective 21 June 2007.

S 25-15(1A) amended by No 101 of 2021, s 3 and Sch 1 item 6(a), by substituting " *Industry Innovation and Science Australia " for " *Innovation and Science Australia " , effective 11 September 2021.

S 25-15(1A) amended by No 63 of 2016, s 3 and Sch 1 item 49(a), by substituting " *Innovation and Science Australia " for " *Innovation Australia " , effective 20 October 2016.

S 25-15(1A) substituted by No 54 of 2016, s 3 and Sch 2 item 42, effective 1 July 2016. No 54 of 2016, s 3 and Sch 2 item 45(2) contains the following application provision:

45 Pending applications under section 25-15 of the Venture Capital Act 2002  
…
(2)
Section 25-15 of the Venture Capital Act 2002 as amended by this Part applies after the commencement of this item to applications made under subsection 25-15(1A) of that Act that were pending immediately before that commencement as if they had been made under paragraph 25-15(1)(d) of that Act as so amended.

S 25-15(1A) formerly read:

25-15(1A)
*Innovation Australia may, on the application of a *general partner of a partnership registered as a *VCLP, an *ESVCLP or an *AFOF, determine that:

(a) a unit trust ' s primary activity is not an ineligible activity mentioned in subsection 118-427(14) of the Income Tax Assessment Act 1997 ; and

(b) the unit trust ' s failure to satisfy at least 2 of the requirements in subsection 118-427(4) of that Act is temporary and did not exist at the time the relevant investment in the unit trust was made and, if it has been disposed of, when it was disposed of.

S 25-15(1A) amended by No 164 of 2007, s 3 and Sch 12 item 250, by substituting " *Innovation Australia " for " The *Venture Capital Registration Board " , effective 27 September 2007.

S 25-15(1A) inserted by No 78 of 2007, s 3 and Sch 8 item 83, effective 21 June 2007.

S 25-15(2) amended by No 101 of 2021, s 3 and Sch 1 item 6(c), by substituting " Industry Innovation and Science Australia " for " Innovation and Science Australia " , effective 11 September 2021.

S 25-15(2) amended by No 63 of 2016, s 3 and Sch 1 item 49(c), by substituting " Innovation and Science Australia " for " Innovation Australia " , effective 20 October 2016.

S 25-15(2) amended by No 164 of 2007, s 3 and Sch 12 item 251, by substituting " *form approved by Innovation Australia " for " *form approved by the Venture Capital Registration Board " , effective 27 September 2007.

S 25-15(2) amended by No 78 of 2007, s 3 and Sch 8 item 322, by substituting " Venture Capital Registration Board " for " PDF Board " , effective 21 June 2007.

S 25-15(2) amended by No 78 of 2007, s 3 and Sch 8 item 84, by substituting " An application under this section " for " The application " , effective 21 June 2007.

S 25-15(3) amended by No 101 of 2021, s 3 and Sch 1 item 6(a), by substituting " *Industry Innovation and Science Australia " for " *Innovation and Science Australia " , effective 11 September 2021.

S 25-15(3) amended by No 63 of 2016, s 3 and Sch 1 item 49(a), by substituting " *Innovation and Science Australia " for " *Innovation Australia " , effective 20 October 2016.

S 25-15(3) amended by No 164 of 2007, s 3 and Sch 12 item 252, by substituting " *Innovation Australia " for " the *Venture Capital Registration Board " , effective 27 September 2007.

S 25-15(3) amended by No 78 of 2007, s 3 and Sch 8 item 323, by substituting " *Venture Capital Registration Board " for " *PDF Board " , effective 21 June 2007.

S 25-15(4) amended by No 101 of 2021, s 3 and Sch 1 item 6(a), by substituting " *Industry Innovation and Science Australia " for " *Innovation and Science Australia " , effective 11 September 2021.

S 25-15(4) amended by No 63 of 2016, s 3 and Sch 1 item 49(a), by substituting " *Innovation and Science Australia " for " *Innovation Australia " , effective 20 October 2016.

S 25-15(4) amended by No 103 of 2013, s 3 and Sch 3 item 341, by inserting " , by legislative instrument, " , effective 29 June 2013.

S 25-15(4) amended by No 164 of 2007, s 3 and Sch 12 item 253, by substituting " *Innovation Australia " for " The *Venture Capital Registration Board " , effective 27 September 2007.

S 25-15(4) amended by No 78 of 2007, s 3 and Sch 8 item 323, by substituting " *Venture Capital Registration Board " for " *PDF Board " , effective 21 June 2007.

S 25-15(5) amended by No 101 of 2021, s 3 and Sch 1 items 6(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 " , effective 11 September 2021.

S 25-15(5) amended by No 63 of 2016, s 3 and Sch 1 items 49(a) and (c), by substituting " *Innovation and Science Australia " for " *Innovation Australia " and " Innovation and Science Australia " for " Innovation Australia " , effective 20 October 2016.

S 25-15(5) amended by No 164 of 2007, s 3 and Sch 12 items 254 and 255, by substituting " *Innovation Australia " for " the *Venture Capital Registration Board " and substituting " Innovation Australia " for " the Venture Capital Registration Board " , effective 27 September 2007.

S 25-15(5) amended by No 78 of 2007, s 3 and Sch 8 items 323 and 324, by substituting " *Venture Capital Registration Board " for " *PDF Board " and substituting " Venture Capital Registration Board " for " PDF Board " , effective 21 June 2007.

S 25-15(6) amended by No 101 of 2021, s 3 and Sch 1 items 6(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 " , effective 11 September 2021.

S 25-15(6) amended by No 63 of 2016, s 3 and Sch 1 items 49(a) and (c), by substituting " *Innovation and Science Australia " for " *Innovation Australia " and " Innovation and Science Australia " for " Innovation Australia " , effective 20 October 2016.

S 25-15(6) amended by No 164 of 2007, s 3 and Sch 12 items 256 and 257, by substituting " *Innovation Australia " for " the *Venture Capital Registration Board " and substituting " Innovation Australia " for " the Venture Capital Registration Board " , effective 27 September 2007.

S 25-15(6) amended by No 78 of 2007, s 3 and Sch 8 items 325 and 326, by substituting " *Venture Capital Registration Board " for " *PDF Board " and substituting " Venture Capital Registration Board " for " PDF Board " , effective 21 June 2007.

S 25-15(7) repealed by No 103 of 2013, s 3 and Sch 3 item 342, effective 29 June 2013. S 25-15(7) formerly read:

25-15(7)
Principles made under subsection (4) are disallowable instruments for the purposes of section 46A of the Acts Interpretation Act 1901 .

S 25-15 inserted by No 105 of 2004.