Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 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.
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 ).
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.
118-432(5)
*Industry Innovation and Science Australia must notify the applicant in writing of any decision under subsection (2) about the application.
118-432(6)
A failure to comply with subsection (5) does not affect the validity of a finding or decision.
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