Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p25
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 25/58)
Character Range: 2361056–2363720

company or unit trust, some or all of which are not pre‑owned; and
 (c) if the investment is pre‑owned when the investment is made—the sum of:
 (i) the value of the investment when the entity makes it; and
 (ii) the total value of all the other pre‑owned investments that the entity owns at that time;
  does not exceed 20% of the partnership's *committed capital.
Note: See subsection (3) for the value of investments.
 (2) An investment is pre‑owned if it was issued or allotted to an entity other than the entity that owns the investment. However, the investment is not pre‑owned if it:
 (a) was issued:
 (i) to an underwriter or sub‑underwriter of the issue of the investment; or
 (ii) to a person for the purpose of being offered for sale; and
 (b) was still held by the underwriter, sub‑underwriter or person immediately before being acquired by the entity that now owns the investment.
 (3) The value of an investment of an entity at a particular time for the purposes of this section is the value of the investment as shown in:
 (a) the last audited accounts prepared for the entity for the purposes of the Corporations Act 2001 that relates to a period ending less than 18 months before that time; or
 (b) a statement, prepared in accordance with the *accounting standards and audited by the entity's auditor, showing that value as at a time no longer than 12 months before that time.
 (4) However, for the purposes of this section, the value of the investment at that time is the value provided for by section 118‑450 if:
 (a) there are no such audited accounts; and
 (b) the entity does not have an auditor at that time.

118‑430  Meaning of at risk
  An *eligible venture capital investment is at risk if the entity that owns the investment had no *arrangement as to:
 (a) the maintenance of the value of the investment; or
 (b) the maintenance of any earnings or other return that might be made from owning the investment, including (if the investment relates to a unit trust) the maintenance of any conferrals of present entitlement to income or capital of the unit trust or to any distributions of income or capital of the unit trust.

118‑432  Findings of substantially novel applications of technology

Public findings
 (1) *Industry Innovation and Science Australia may, by legislative instrument, find that each activity within a specified class is a substantially novel application of one or more technologies.
Note: A substantially novel application of a technology could, for example, take the form of a substantially novel product or service.

Private findings
 (2) *Industry Innovation and Science Australia may, on application by a company