Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (54 of 2016)

Schedule 2   Venture capital investment

Part 7   Rulings that activities are not ineligible activities

Income Tax Assessment Act 1997

54   At the end of subsections 118-425(13) and 118-427(14)

Add:

Note: Under Division 362 in Schedule 1 to the Taxation Administration Act 1953, Innovation Australia can make rulings that activities, or classes of activities, are not ineligible activities.