Document ID: chunk:federal_register_of_legislation:C2024C00617:body:0:p20
Version: federal_register_of_legislation:C2024C00617
Segment Type: other
Provision Reference: 
Character Range: 51841–54855

and Science Australia must give a *general partner of the partnership a notice that advises of the revocation and sets out Industry Innovation and Science Australia's reasons for deciding to revoke.

17‑20  Date of effect of revocation
  The revocation takes effect from the day on which *Industry Innovation and Science Australia decides to revoke registration.

17‑25  Revocation on application by partnership
 (1) A *general partner of a partnership registered under this Part as a *VCLP, an *ESVCLP or an *AFOF may apply in writing to *Industry Innovation and Science Australia to have the registration revoked.
 (2) *Industry Innovation and Science Australia must revoke the registration as soon as practicable after receiving the application.
 (3) The revocation takes effect on the day on which notice of the revocation is given to a *general partner of the partnership.

Part 3—Registration of eligible venture capital investors

Division 21—Registration of eligible venture capital investors

Guide to Division 21

21‑1  What this Division is about

      Industry Innovation and Science Australia can register entities as eligible venture capital investors, and revoke their registration.
      Registration is one of the requirements before investments of venture capital by an entity directly (rather than through a limited partnership) can attract the operation of section 118‑415 of the Income Tax Assessment Act 1997 (and the related provisions about similar income gains and losses).
Note: Section 118‑415 of the Income Tax Assessment Act 1997 gives to an individual investor an equivalent capital gains tax exemption to the one that the investor could have, under section 118‑405 or 118‑410 of that Act, from investing through a limited partnership registered under Part 2 of this Act.

Table of sections

Operative provisions
21‑5 Registration as eligible venture capital investors
21‑10 Period within which application must be decided
21‑15 When registration is in force
21‑20 Annual return by eligible entity
21‑25 Revocation at discretion of Industry Innovation and Science Australia
21‑30 Revocation on application

Operative provisions

21‑5  Registration as eligible venture capital investors
 (1) An *entity may apply to *Industry Innovation and Science Australia, in the *form approved by Industry Innovation and Science Australia, for registration under this Part as an *eligible venture capital investor.
 (2) An application must be given to *Industry Innovation and Science Australia within 30 days after the applicant enters into the contract to acquire its first *eligible venture capital investment after the commencement of this Act.
 (3) An application must be in writing, and must include the following information:
 (a) the applicant's current residency status;
 (b) details of the facts that qualify the applicant as a *tax‑exempt foreign resident;
 (c) the address of the applicant's registered office;
 (d) the name and address of the first *company or unit trust in which