Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:2_42
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 2 cl 42
Character Range: 60589–61768

42  Subsections 25‑15(1) and (1A)
Repeal the subsections, substitute:
 (1) *Innovation 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), *Innovation 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.