PART 4
-
DETERMINATIONS BY INDUSTRY INNOVATION AND SCIENCE AUSTRALIA CONCERNING CERTAIN INVESTMENTS
History
Part 4 (heading) amended by No 101 of 2021, s 3 and Sch 1 item 6(e), by substituting
"
Industry Innovation and Science Australia
"
for
"
Innovation and Science Australia
"
, effective 11 September 2021.
Part 4 (heading) amended by No 63 of 2016, s 3 and Sch 1 item 49(e), by substituting
"
Innovation and Science Australia
"
for
"
Innovation Australia
"
, effective 20 October 2016.
Part 4 (heading) substituted by No 164 of 2007, s 3 and Sch 12 item 228, effective 27 September 2007. The heading formerly read:
PART 4
-
DETERMINATIONS BY THE VENTURE CAPITAL REGISTRATION BOARD CONCERNING CERTAIN INVESTMENTS
Part 4 (heading) substituted by No 78 of 2007, s 3 and Sch 8 item 303, effective 21 June 2007. The heading formerly read:
PART 4
-
DETERMINATIONS BY THE PDF BOARD CONCERNING CERTAIN INVESTMENTS
Division 25
-
Determinations by Industry Innovation and Science Australia concerning certain investments
History
Div 25 (heading) amended by No 101 of 2021, s 3 and Sch 1 item 6(e), by substituting
"
Industry Innovation and Science Australia
"
for
"
Innovation and Science Australia
"
, effective 11 September 2021.
Div 25 (heading) amended by No 63 of 2016, s 3 and Sch 1 item 49(e), by substituting
"
Innovation and Science Australia
"
for
"
Innovation Australia
"
, effective 20 October 2016.
Div 25 (heading) substituted by No 164 of 2007, s 3 and Sch 12 item 229, effective 27 September 2007. The heading formerly read:
Division 25
-
Determinations by the Venture Capital Registration Board concerning certain investments
Div 25 (heading) substituted by No 78 of 2007, s 3 and Sch 8 item 304, effective 21 June 2007. The heading formerly read:
Division 25
-
Determinations by the PDF Board concerning certain investments
Operative provisions
SECTION 25-10
INDUSTRY INNOVATION AND SCIENCE AUSTRALIA MAY DETERMINE THAT A REQUIREMENT DOES NOT APPLY
25-10(1)
*Industry Innovation and Science Australia may, on the application of a *general partner of a partnership registered as a *VCLP, an *ESVCLP or an *AFOF, determine that either or both of the following requirements do not apply to a *company:
(a)
the requirement referred to under subparagraph
118-425(2)(b)(i)
of the
Income Tax Assessment Act 1997
that more than 50% of the people who are currently engaged by the company to perform services must perform those services primarily in Australia;
(b)
the requirement referred to under subparagraph
118-425(2)(b)(ii)
of that Act that more than 50% of its assets (determined by value) must be situated in Australia.
History
S 25-10(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 25-10(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 25-10(1) amended by No 164 of 2007, s 3 and Sch 12 item 241, by substituting
"
*Innovation Australia
"
for
"
The *Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-10(1) amended by No 78 of 2007, s 3 and Sch 8 item 314, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
, effective 21 June 2007.
S 25-10(1) amended by No 78 of 2007, s 3 and Sch 8 item 200, by substituting
"
*VCLP, an *ESVCLP or an *AFOF
"
for
"
VCLP or an AFOF
"
, effective 21 June 2007.
25-10(1A)
*Industry Innovation and Science Australia may, on the application of a *general partner of a partnership registered as a *VCLP, an *ESVCLP or an *AFOF, determine that either or both of the following requirements do not apply to a unit trust:
(a)
the requirement referred to under subparagraph
118-427(3)(c)(i)
of the
Income Tax Assessment Act 1997
that more than 50% of the people who are currently engaged by the unit trust to perform services must perform those services primarily in Australia;
(b)
the requirement referred to under subparagraph
118-427(3)(c)(ii)
of that Act that more than 50% of its assets (determined by value) must be situated in Australia.
History
S 25-10(1A) 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 25-10(1A) 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 25-10(1A) amended by No 164 of 2007, s 3 and Sch 12 item 241, by substituting
"
*Innovation Australia
"
for
"
The *Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-10(1A) inserted by No 78 of 2007, s 3 and Sch 8 item 81, effective 21 June 2007.
25-10(2)
An application under this section must be in the form approved by Industry Innovation and Science Australia.
History
S 25-10(2) amended by No 101 of 2021, s 3 and Sch 1 item 6(c), by substituting
"
Industry Innovation and Science Australia
"
for
"
Innovation and Science Australia
"
, effective 11 September 2021.
S 25-10(2) amended by No 63 of 2016, s 3 and Sch 1 item 49(c), by substituting
"
Innovation and Science Australia
"
for
"
Innovation Australia
"
, effective 20 October 2016.
S 25-10(2) amended by No 164 of 2007, s 3 and Sch 12 item 242, by substituting
"
form approved by Innovation Australia
"
for
"
*form approved by the *Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-10(2) amended by No 78 of 2007, s 3 and Sch 8 item 315, by substituting
"
*Venture Capital Registration Board
"
for
"
PDF Board
"
, effective 21 June 2007.
S 25-10(2) amended by No 78 of 2007, s 3 and Sch 8 item 82, by substituting
"
An application under this section
"
for
"
The application
"
, effective 21 June 2007.
25-10(3)
In considering whether to make a determination, *Industry Innovation and Science Australia must apply the principles specified under subsection
(4)
.
History
S 25-10(3) 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 25-10(3) 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 25-10(3) amended by No 164 of 2007, s 3 and Sch 12 item 243, by substituting
"
*Innovation Australia
"
for
"
the *Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-10(3) amended by No 78 of 2007, s 3 and Sch 8 item 316, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
, effective 21 June 2007.
25-10(4)
*Industry Innovation and Science Australia may, by legislative instrument, make principles about making determinations under this section.
History
S 25-10(4) 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 25-10(4) 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 25-10(4) amended by No 103 of 2013, s 3 and Sch 3 item 339, by inserting
"
, by legislative instrument,
"
, effective 29 June 2013.
S 25-10(4) amended by No 164 of 2007, s 3 and Sch 12 item 244, by substituting
"
*Innovation Australia
"
for
"
The *Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-10(4) amended by No 78 of 2007, s 3 and Sch 8 item 316, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
, effective 21 June 2007.
25-10(5)
If *Industry Innovation and Science Australia determines that a requirement does not apply, Industry Innovation and Science Australia must notify the *general partner as soon as practicable after the determination is made.
History
S 25-10(5) amended by No 101 of 2021, s 3 and Sch 1 items 6(a) and (c), by substituting
"
*Industry Innovation and Science Australia
"
for
"
*Innovation and Science Australia
"
and
"
Industry Innovation and Science Australia
"
for
"
Innovation and Science Australia
"
, effective 11 September 2021.
S 25-10(5) amended by No 63 of 2016, s 3 and Sch 1 items 49(a) and (c), by substituting
"
*Innovation and Science Australia
"
for
"
*Innovation Australia
"
and
"
Innovation and Science Australia
"
for
"
Innovation Australia
"
, effective 20 October 2016.
S 25-10(5) amended by No 164 of 2007, s 3 and Sch 12 items 245 and 246, by substituting
"
*Innovation Australia
"
for
"
the *Venture Capital Registration Board
"
and substituting
"
Innovation Australia
"
for
"
the Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-10(5) amended by No 78 of 2007, s 3 and Sch 8 items 316 and 317, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
and substituting
"
Venture Capital Registration Board
"
for
"
PDF Board
"
, effective 21 June 2007.
25-10(6)
If *Industry Innovation and Science Australia refuses to make a determination, Industry Innovation and Science Australia must:
(a)
notify the *general partner as soon as practicable after the refusal; and
(b)
provide reasons for the refusal.
History
S 25-10(6) amended by No 101 of 2021, s 3 and Sch 1 items 6(a) and (c), by substituting
"
*Industry Innovation and Science Australia
"
for
"
*Innovation and Science Australia
"
and
"
Industry Innovation and Science Australia
"
for
"
Innovation and Science Australia
"
, effective 11 September 2021.
S 25-10(6) amended by No 63 of 2016, s 3 and Sch 1 items 49(a) and (c), by substituting
"
*Innovation and Science Australia
"
for
"
*Innovation Australia
"
and
"
Innovation and Science Australia
"
for
"
Innovation Australia
"
, effective 20 October 2016.
S 25-10(6) amended by No 164 of 2007, s 3 and Sch 12 items 247 and 248, by substituting
"
*Innovation Australia
"
for
"
the *Venture Capital Registration Board
"
and substituting
"
Innovation Australia
"
for
"
the Venture Capital Registration Board
"
, effective 27 September 2007.
S 25-10(6) amended by No 78 of 2007, s 3 and Sch 8 items 318 and 319, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
and substituting
"
Venture Capital Registration Board
"
for
"
PDF Board
"
, effective 21 June 2007.
25-10(7)
(Repealed by No 103 of 2013)
History
S 25-10(7) repealed by No 103 of 2013, s 3 and Sch 3 item 340, effective 29 June 2013. S 25-10(7) formerly read:
25-10(7)
Principles made under subsection (4) are disallowable instruments for the purposes of section 46A of the
Acts Interpretation Act 1901
.
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