Document ID: chunk:federal_register_of_legislation:C2024C00617:body:0:p6
Version: federal_register_of_legislation:C2024C00617
Segment Type: other
Provision Reference: 
Character Range: 14928–17889

partner's *associates (other than associates to whom subsection (5) applies), exceeds 30% of the partnership's committed capital; and
 (f) each investment that the partnership holds is:
 (i) an *eligible venture capital investment; or
 (ii) an investment in a company, in which the partnership owns one or more eligible venture capital investments, that would have been an eligible venture capital investment but for subsections 118‑425(2) and (6) of the Income Tax Assessment Act 1997; or
 (iii) an investment in a unit trust, in which the partnership owns one or more eligible venture capital investments, that would have been an eligible venture capital investment but for subsections 118‑427(3) and (7) of the Income Tax Assessment Act 1997; and
 (g) each investment that the partnership holds is in accordance with the partnership's *approved investment plan; and
 (h) the partnership acts in accordance with the partnership's approved investment plan; and
 (j) the partnership only carries on activities that are related to making eligible venture capital investments, investments to which subparagraph (f)(ii) applies or investments to which subparagraph (f)(iii) applies; and
 (k) every *debt interest that the partnership owns is, and continues to be, a *permitted loan.
 (2) The requirements in paragraphs (1)(e), (f), (g), (h), (j) and (k) are investment registration requirements.
 (4) Paragraph (1)(e) does not apply in relation to a particular partner's *committed capital in the partnership if:
 (a) *Industry Innovation and Science Australia allows, under section 9‑4, the partner's committed capital in the partnership to exceed 30% of the partnership's committed capital; or
 (b) subsection (5) applies to the partner.
 (5) This subsection applies to:
 (a) an *ADI; or
 (b) a *life insurance company; or
 (c) a public authority:
 (i) that is constituted by a law of a State or internal Territory; and
 (ii) that carries on life insurance business within the meaning of section 11 of the Life Insurance Act 1995; or
 (d) a widely‑held complying superannuation fund within the meaning of section 4A of the Pooled Development Funds Act 1992; or
 (e) a *widely held foreign venture capital fund of funds.

9‑4  Allowing a partner's committed capital to exceed the 30% limit
 (1) *Industry Innovation and Science Australia may, on the application of a partner of a partnership, make a decision allowing the partner's committed capital in the partnership to exceed 30% of the partnership's committed capital.
 (2) The application must be in the *form approved by Industry Innovation and Science Australia.
 (3) In considering whether to make such a decision, *Industry Innovation and Science Australia must apply the principles specified under subsection (4).
 (4) *Industry Innovation and Science Australia may, by legislative instrument, make principles about making decisions under this section.
 (5) If *Industry Innovation and Science Australia