Treasury Laws Amendment (Tax Integrity and Other Measures) Act 2018 (124 of 2018)

Schedule 3   Fintech and venture capital amendments

Income Tax Assessment Act 1997

3   After section 118-430

Insert:

118-432 Findings of substantially novel applications of technology

Public findings

(1) *Innovation and Science Australia may, by legislative instrument, find that each activity within a specified class is a substantially novel application of one or more technologies.

Note: A substantially novel application of a technology could, for example, take the form of a substantially novel product or service.

Private findings

(2) *Innovation and Science Australia may, on application by a company or unit trust, make a written decision:

(a) finding that a specified activity is a substantially novel application of one or more technologies; or

(b) refusing to make such a finding about a specified activity.

Note: A refusal to make a finding is reviewable (see Part 5 of the Venture Capital Act 2002).

Period for which a finding is in force

(3) Subject to variation or revocation, a finding under subsection (1) or paragraph (2)(a) is in force for the period specified in the finding.

Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.

Applications for private findings

(4) An application for a finding under paragraph (2)(a) must be in the *form approved by Innovation and Science Australia.

(5) *Innovation and Science Australia must notify the applicant in writing of any decision under subsection (2) about the application.

(6) A failure to comply with subsection (5) does not affect the validity of a finding or decision.