Document ID: chunk:federal_register_of_legislation:C2024C00617:body:0:p25
Version: federal_register_of_legislation:C2024C00617
Segment Type: other
Provision Reference: 
Character Range: 65152–68071

must be situated in Australia.
 (1A) *Industry Innovation and Science Australia may, on the application of a *general partner of a partnership registered as a *VCLP, an *ESVCLP or an *AFOF, determine that either or both of the following requirements do not apply to a unit trust:
 (a) the requirement referred to under subparagraph 118‑427(3)(c)(i) of the Income Tax Assessment Act 1997 that more than 50% of the people who are currently engaged by the unit trust to perform services must perform those services primarily in Australia;
 (b) the requirement referred to under subparagraph 118‑427(3)(c)(ii) of that Act that more than 50% of its assets (determined by value) must be situated in Australia.
 (2) An application under this section must be in the form approved by Industry Innovation and Science Australia.
 (3) In considering whether to make a determination, *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 determinations under this section.
 (5) If *Industry Innovation and Science Australia determines that a requirement does not apply, Industry Innovation and Science Australia must notify the *general partner as soon as practicable after the determination is made.
 (6) If *Industry Innovation and Science Australia refuses to make a determination, Industry Innovation and Science Australia must:
 (a) notify the *general partner as soon as practicable after the refusal; and
 (b) provide reasons for the refusal.

25‑15  Industry Innovation and Science Australia may determine matters relating to requirements for eligible venture capital investments
 (1) *Industry Innovation and Science Australia may, on the application of a *general partner of a partnership registered as a *VCLP, an *ESVCLP or an *AFOF, determine:
 (a) the matters set out in paragraphs 118‑425(14)(a) and (b) of the Income Tax Assessment Act 1997; or
 (b) the matters set out in paragraphs 118‑425(14B)(a), (b) and (c) of that Act; or
 (c) the matters set out in paragraphs 118‑425(14C)(a) and (b) of that Act; or
 (d) the matters set out in paragraphs 118‑427(15)(a) and (b) of that Act; or
 (e) the matters set out in paragraphs 118‑427(15A)(a), (b) and (c) of that Act; or
 (f) the matters set out in paragraphs 118‑427(15B)(a) and (b) of that Act.
Note: Determining these matters allows for the relaxation of some of the requirements for eligible venture capital investments under sections 118‑425 and 118‑427 of the Income Tax Assessment Act 1997.
 (1A) In making a determination under paragraph (1)(b) or (e), *Industry Innovation and Science Australia must specify in the determination a period for the purposes of paragraph 118‑425(14B)(c) or 118‑427(15A)(c) of the Income Tax Assessment Act 1997, as the case requires.
 (2) An application under this section