Venture Capital Act 2002

PART 3 - REGISTRATION OF ELIGIBLE VENTURE CAPITAL INVESTORS

Division 21 - Registration of eligible venture capital investors

Operative provisions

SECTION 21-20 ANNUAL RETURN BY ELIGIBLE ENTITY

21-20(1)

An *entity registered under this Part must, within 3 months after the end of each *financial year, give *Industry Innovation and Science Australia a written return that includes the following information:

(a) the entity ' s residency status at the end of the financial year (including details of changes to that status during the year);

(b) the address of the entity ' s registered office (including details of changes to that address during the year);

(c) details of the facts that qualify the entity to be tax exempt in its country of residence;

(d) details of the facts that qualify the entity as an *eligible venture capital investor;

(e) details of:

(i) the *eligible venture capital investments the entity made during that year; and

(ii) the eligible venture capital investments that the entity disposed of during that year; and

(iii) the eligible venture capital investments the entity holds at the end of that year; and

(iv) the disposals of eligible venture capital investments during that year including any profits derived or losses incurred from that disposal;

(f) the industries to which those investments relate;

(g)

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for each investment in a company that the entity held throughout that year - a statement as to whether the company met the requirements of subsections 118-425(3) , (4) , (4A) and (5) of the Income Tax Assessment Act 1997 at all times during that year;

(h)

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for each investment in a company that the entity made during that year - a statement as to whether the company met the requirements of subsections 118-425(3) , (4) , (4A) and (5) of the Income Tax Assessment Act 1997 at all times during that year after the investment was made;

(i)

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for each investment in a company that the entity disposed of during that year - a statement as to whether the company met the requirements of subsections 118-425(3) , (4) , (4A) and (5) of the Income Tax Assessment Act 1997 at all times during that year up to the day of disposal;

(j)

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for each investment in a unit trust that the entity held throughout that year - a statement as to whether the unit trust met the requirements of subsections 118-427(4) , (5) , (5A) and (6) of the Income Tax Assessment Act 1997 at all times during that year;

(k)

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for each investment in a unit trust that the entity made during that year - a statement as to whether the unit trust met those requirements at all times during that year after the investment was made;

(l)

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for each investment in a unit trust that the entity disposed of during that year - a statement as to whether the unit trust met those requirements at all times during that year up to the day of disposal.

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History

S 21-20(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 21-20(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 21-20(1) amended by No 54 of 2016, s 3 and Sch 2 items 39 and 40, by substituting para (g) - (i) and inserting " , (5A) " in para (j), applicable in relation to the first financial year to start on or after 1 July 2016, and in relation to later financial years. Para (g) - (i) formerly read:

(g) for each investment in a company that the entity held throughout that year - a statement as to whether:

(i) the company met the requirements of subsections 118-425(3), (4) and (5) of the Income Tax Assessment Act 1997 at all times during that year; and

(ii) if subsection 118-425(11) of that Act applied to the company in relation to another company - the other company failed to meet the requirements of subparagraph 118-425(11)(d)(i) of that Act at any time during that year; and

(iii) if subsection 118-425(11) of that Act applied to the company in relation to a unit trust - the unit trust failed to meet the requirements of subparagraph 118-425(11)(d)(ii) of that Act at any time during that year;

(h) for each investment in a company that the entity made during that year - a statement as to whether:

(i) the company met the requirements of subsections 118-425(3), (4) and (5) of the Income Tax Assessment Act 1997 at all times during that year after the investment was made; and

(ii) if subsection 118-425(11) of that Act applied to the company in relation to another company - the other company failed to meet the requirements of subparagraph 118-425(11)(d)(i) of that Act at any time during that year after the investment was made; and

(iii) if subsection 118-425(11) of that Act applied to the company in relation to a unit trust - the unit trust failed to meet the requirements of subparagraph 118-425(11)(d)(ii) of that Act at any time during that year after the investment was made;

(i) for each investment in a company that the entity disposed of during that year - a statement as to whether:

(i) the company met the requirements of subsections 118-425(3), (4) and (5) of the Income Tax Assessment Act 1997 at all times during that year up to the day of disposal; and

(ii) if subsection 118-425(11) of that Act applied to the company in relation to another company - the other company failed to meet the requirements of subparagraph 118-425(11)(d)(i) of that Act at any time during that year up to the day of disposal; and

(iii) if subsection 118-425(11) of that Act applied to the company in relation to a unit trust - the unit trust failed to meet the requirements of subparagraph 118-425(11)(d)(ii) of that Act at any time during that year up to the day of disposal;

S 21-20(1) amended by No 164 of 2007, s 3 and Sch 12 item 216, by substituting " *Innovation Australia " for " the *Venture Capital Registration Board " , effective 27 September 2007.

S 21-20(1) amended by No 78 of 2007, s 3 and Sch 8 item 292, by substituting " *Venture Capital Registration Board " for " *PDF Board " , effective 21 June 2007.

S 21-20(1) amended by No 78 of 2007, s 3 and Sch 8 items 73 to 76, by substituting all the words from and including " whether " in paras (g), (h) and (i) and inserting paras (j), (k) and (l) at the end, effective 21 June 2007. The words from and including " whether " in paras (g), (h) and (i) formerly read:

whether the company met the requirements of subsections 118-425(3), (4) and (5), and paragraph 118-425(11)(d), of the Income Tax Assessment Act 1997 at all times during that year;

whether the company met those requirements at all times during that year after the investment was made;

whether the company met those requirements at all times during that year up to the day of disposal.

S 21-20(1) amended by No 105 of 2004.

21-20(2)
Information about a matter that a return must include because of paragraph (1)(a) or (b) is information about that matter as at the end of the financial year.

Note:

Part 7.4 of the Criminal Code creates offences for making false and misleading statements, giving false or misleading information and producing false or misleading documents.

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