Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p1
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 1/9)
Character Range: 1709475–1712252

3                            tells the applicant about information provided by a third party that *Industry Innovation and Science Australia proposes to take into account under section 357‑120 (as that section applies because of section 362‑70)  the period starting on the day *Industry Innovation and Science Australia tells the applicant and ending on the day on which Industry Innovation and Science Australia receives the applicant's response about the information

 (3) If *Industry Innovation and Science Australia:
 (a) does not make the ruling within 30 days of the notice under subsection (1) being given; and
 (b) has not otherwise declined to make the ruling by the end of that period;
Industry Innovation and Science Australia is taken to have refused to make the ruling at the end of that period.
Note: Decisions refusing to make such a ruling are reviewable under Part 5 of the Venture Capital Act 2002.

362‑55  When a private ruling ceases to apply
 (1) A *private ruling under this Division may specify the time at which it ceases to apply.
 (2) If a *private ruling under this Division does not do this, it applies until it is withdrawn.

362‑60  Withdrawing private rulings
 (1) *Industry Innovation and Science Australia must withdraw a *private ruling made under this Division if:
 (a) it is no longer satisfied of the matter about which it was required to be satisfied under subsection 362‑25(1); or
 (b) the ruling is inconsistent with a decision of a court.
 (2) *Industry Innovation and Science Australia must give notice of the withdrawal to a *general partner of the *limited partnership to which the ruling related.

General provisions

362‑65  When rulings are binding on the Commissioner and Industry Innovation and Science Australia
 (1) A ruling under this Division binds the Commissioner and *Industry Innovation and Science Australia in relation to an entity (whether or not the entity is aware of the ruling) if:
 (a) the ruling applies to the entity; and
 (b) the entity relies on the ruling by acting (or omitting to act) in accordance with the ruling.
 (2) If the ruling is withdrawn under this Division, it continues to bind the Commissioner and *Industry Innovation and Science Australia in relation to the entity until the end of the income year following the income year in which it is withdrawn, but only to the extent that the ruling affected investments made before the withdrawal took effect.

362‑70  Application of common rules under Subdivision 357‑B
  Despite section 357‑50:
 (a) section 357‑60 does not apply in relation to a ruling under this Division; and
 (b) sections 357‑70, 357‑85 and 357‑95 apply, in relation to a ruling under this Division, to *Industry Innovation and Science Australia in the same way they apply to