Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:2_61:p1
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 2 cl 61 (pt 1/3)
Character Range: 66187–69118

61  At the end of Part 5‑5 in Schedule 1
Add:

Division 362—Rulings by Innovation Australia that activities are not ineligible activities

Guide to Division 362

362‑1  What this Division is about
      Innovation Australia may make public rulings and private rulings expressing its view on whether activities are not ineligible activities for the purposes of applying capital gains tax provisions to venture capital investments.
Note: An entity's involvement in ineligible activities can affect whether an investment is an eligible venture capital investment for the purpose of accessing a capital gains tax exemption under Subdivision 118‑F of the Income Tax Assessment Act 1997.

Table of sections

Public rulings by Innovation Australia
362‑5 Innovation Australia may make public rulings on a specified class of activities
362‑10 Application of public rulings
362‑15 When a public ruling ceases to apply
362‑20 Withdrawing public rulings

Private rulings by Innovation Australia
362‑25 Innovation Australia may make private rulings on a specified activity
362‑30 Applying for a private ruling
362‑35 Innovation Australia must give notice of its decision
362‑40 Private rulings must contain certain details
362‑45 Application of private rulings
362‑50 Delays in making private rulings
362‑55 When a private ruling ceases to apply
362‑60 Withdrawing private rulings

General provisions
362‑65 When rulings are binding on the Commissioner and Innovation Australia
362‑70 Application of common rules under Subdivision 357‑B
362‑75 Application of Divisions 358 and 359

Public rulings by Innovation Australia

362‑5  Innovation Australia may make public rulings on a specified class of activities
 (1) *Innovation Australia may make a ruling that Innovation Australia considers that activities included in a specified class of activities:
 (a) are not ineligible activities for the purposes of subsections 118‑425(13) and 118‑427(14) of the Income Tax Assessment Act 1997; or
 (b) in specified circumstances, are not such ineligible activities;
if Innovation Australia is satisfied that the activities included in that class are not such ineligible activities, or are not in those circumstances such ineligible activities, as the case requires.
 (2) Such a ruling is a public ruling if it:
 (a) is published; and
 (b) states that it is a public ruling.
 (3) *Innovation Australia must publish notice of the making of a *public ruling in the Gazette.
Note: The validity of a ruling is not affected merely because a provision of this Part relating to the form of the ruling or the procedure for making it has not been complied with: see section 357‑90.

362‑10  Application of public rulings
  A *public ruling under this Division applies from the time it is published or from such earlier or later time as is specified in the ruling.

362‑15  When a public ruling ceases to apply
 (1) A *public ruling under this Division may specify