PART 4
-
DETERMINATIONS BY INDUSTRY INNOVATION AND SCIENCE AUSTRALIA CONCERNING CERTAIN INVESTMENTS
History
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
Division 25
-
Determinations by Industry Innovation and Science Australia concerning certain investments
History
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
Operative provisions
SECTION 25-5
INDUSTRY INNOVATION AND SCIENCE AUSTRALIA MAY DETERMINE A SHORTER PERIOD
25-5(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
.
History
S 25-5(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 25-5(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 25-5(1) amended by No 164 of 2007, s 3 and Sch 12 item 232, by substituting
"
*Innovation Australia
"
for
"
The *Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-5(1) amended by No 78 of 2007, s 3 and Sch 8 item 307, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
, effective 21 June 2007.
S 25-5(1) amended by No 78 of 2007, s 3 and Sch 8 item 199, by inserting
"
, an *ESVCLP
"
after
"
*VCLP
"
, effective 21 June 2007.
25-5(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
.
History
S 25-5(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 25-5(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 25-5(1A) amended by No 164 of 2007, s 3 and Sch 12 item 232, by substituting
"
*Innovation Australia
"
for
"
The *Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-5(1A) inserted by No 78 of 2007, s 3 and Sch 8 item 79, effective 21 June 2007.
25-5(2)
An application under this section must be in the *form approved by Industry Innovation and Science Australia.
History
S 25-5(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 25-5(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 25-5(2) amended by No 164 of 2007, s 3 and Sch 12 item 233, by substituting
"
*form approved by Innovation Australia
"
for
"
*form approved by the *Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-5(2) amended by No 78 of 2007, s 3 and Sch 8 item 308, by substituting
"
*Venture Capital Registration Board
"
for
"
PDF Board
"
, effective 21 June 2007.
S 25-5(2) amended by No 78 of 2007, s 3 and Sch 8 item 80, by substituting
"
An application under this section
"
for
"
The application
"
, effective 21 June 2007.
25-5(3)
In considering whether to make a determination, *Industry Innovation and Science Australia must apply the principles specified under subsection
(4)
.
History
S 25-5(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 25-5(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 25-5(3) amended by No 164 of 2007, s 3 and Sch 12 item 234, by substituting
"
*Innovation Australia
"
for
"
the *Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-5(3) amended by No 78 of 2007, s 3 and Sch 8 item 309, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
, effective 21 June 2007.
25-5(4)
*Industry Innovation and Science Australia may, by legislative instrument, make principles about making determinations under this section.
History
S 25-5(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 25-5(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 25-5(4) amended by No 103 of 2013, s 3 and Sch 3 item 337, by inserting
"
, by legislative instrument,
"
, effective 29 June 2013.
S 25-5(4) amended by No 164 of 2007, s 3 and Sch 12 item 235, by substituting
"
*Innovation Australia
"
for
"
The *Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-5(4) amended by No 78 of 2007, s 3 and Sch 8 item 309, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
, effective 21 June 2007.
25-5(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.
History
S 25-5(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 25-5(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 25-5(5) amended by No 164 of 2007, s 3 and Sch 12 items 236 and 237, 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 25-5(5) amended by No 78 of 2007, s 3 and Sch 8 items 309 and 310, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
and substituting
"
Venture Capital Registration Board
"
for
"
PDF Board
"
, effective 21 June 2007.
25-5(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.
History
S 25-5(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 25-5(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 25-5(6) amended by No 164 of 2007, s 3 and Sch 12 items 238 and 239, 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 25-5(6) amended by No 78 of 2007, s 3 and Sch 8 items 311 and 312, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
and substituting
"
Venture Capital Registration Board
"
for
"
PDF Board
"
, effective 21 June 2007.
25-5(7)
(Repealed by No 103 of 2013)
History
S 25-5(7) repealed by No 103 of 2013, s 3 and Sch 3 item 338, effective 29 June 2013. S 25-5(7) formerly read:
25-5(7)
Principles made under subsection (4) are disallowable instruments for the purposes of section 46A of the
Acts Interpretation Act 1901
.