Income Tax Assessment Act 1997
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View history notePt 3-1 inserted by No 46 of 1998.
Div 118 inserted by No 46 of 1998.
Subdiv 118-F inserted by No 136 of 2002.
Former Subdiv 118-F repealed by No 165 of 1999 and inserted by No 94 of 1999.
SECTION 118-432 Findings of substantially novel applications of technology
Public findings
118-432(1)
*Industry 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.
S 118-432(1) amended by No 101 of 2021, s 3 and Sch 1 item 3(a), by substituting " *Industry Innovation and Science Australia " for " *Innovation and Science Australia " , effective 11 September 2021.
Private findings
118-432(2)
*Industry 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 ).
S 118-432(2) amended by No 101 of 2021, s 3 and Sch 1 item 3(a), by substituting " *Industry Innovation and Science Australia " for " *Innovation and Science Australia " , effective 11 September 2021.
Period for which a finding is in force
118-432(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
118-432(4)
An application for a finding under paragraph (2)(a) must be in the *form approved by Industry Innovation and Science Australia.
S 118-432(4) amended by No 101 of 2021, s 3 and Sch 1 item 3(b), by substituting " Industry Innovation and Science Australia " for " Innovation and Science Australia " , effective 11 September 2021.
118-432(5)
*Industry Innovation and Science Australia must notify the applicant in writing of any decision under subsection (2) about the application.
S 118-432(5) amended by No 101 of 2021, s 3 and Sch 1 item 3(a), by substituting " *Industry Innovation and Science Australia " for " *Innovation and Science Australia " , effective 11 September 2021.
118-432(6)
A failure to comply with subsection (5) does not affect the validity of a finding or decision.
S 118-432 inserted by No 124 of 2018, s 3 and Sch 3 item 3, effective 1 January 2019 and applicable in relation to investments made on or after 1 July 2018.
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