Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:2_61:p2
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 2 cl 61 (pt 2/3)
Character Range: 68895–71720

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 the time at which it ceases to apply.
 (2) If a *public ruling under this Division does not do this, it applies until it is withdrawn.

362‑20  Withdrawing public rulings
 (1) *Innovation Australia must withdraw a *public ruling made under this Division, by publishing notice of the withdrawal, if:
 (a) it is no longer satisfied of the matter about which it was required to be satisfied under subsection 362‑5(1); or
 (b) the ruling is inconsistent with a decision of a court.
 (2) The withdrawal takes effect from the time specified in the notice. That time must not be before the time the notice is published.
 (3) *Innovation Australia must publish notice of the withdrawal of the ruling in the Gazette.

Private rulings by Innovation Australia

362‑25  Innovation Australia may make private rulings on a specified activity
 (1) *Innovation Australia may, on application, make a ruling that Innovation Australia considers that a specified activity:
 (a) is not an ineligible activity for the purposes of subsections 118‑425(13) and 118‑427(14) of the Income Tax Assessment Act 1997; or
 (b) in specified circumstances, is not such an ineligible activity;
if Innovation Australia is satisfied that the activity is not such an ineligible activity, or is not in those circumstances such an ineligible activity, as the case requires.
 (2) Such a ruling is a private ruling.
Note: Decisions making such a ruling, and decisions refusing to make such a ruling, are reviewable under Part 5 of the Venture Capital Act 2002.
 (3) In considering whether to make a *private ruling under this Division, *Innovation Australia must apply any principles made under subsection (4).
 (4) *Innovation Australia may, by legislative instrument, make principles about making *private rulings under this Division.
 (5) A failure to comply with subsection (3) does not affect the validity of the ruling.

362‑30  Applying for a private ruling
  A *general partner of a *limited partnership registered as a *VCLP, an *ESVCLP or an *AFOF may, in the *form approved by *Innovation Australia, apply to Innovation Australia for a *private ruling under this Division.

362‑35  Innovation Australia must give notice of its decision
 (1) If *Innovation Australia makes a *private ruling under this Division, Innovation Australia must notify the *general partner, and the Commissioner, as soon as practicable after the ruling is made.
 (2) If *Innovation Australia refuses to make a *private ruling under this Division, Innovation Australia must:
 (a) notify the *general partner as soon as practicable after the refusal; and
 (b)