Document ID: chunk:federal_register_of_legislation:C2024C00617:body:0:p23
Version: federal_register_of_legislation:C2024C00617
Segment Type: other
Provision Reference: 
Character Range: 59636–62671

include because of paragraph (1)(a) or (b) is information about that matter as at the end of the financial year.
Note: Part 7.4 of the Criminal Code creates offences for making false and misleading statements, giving false or misleading information and producing false or misleading documents.

21‑25  Revocation at discretion of Industry Innovation and Science Australia
 (1) Subject to this section, *Industry Innovation and Science Australia may revoke an *entity's registration under this Part if Industry Innovation and Science Australia is satisfied that the entity has failed to comply with section 21‑20.
 (2) As soon as practicable after revoking an *entity's registration under this Part, *Industry Innovation and Science Australia must give the entity a notice that advises of the revocation and sets out *Industry Innovation and Science Australia's reasons for deciding to revoke.
 (3) *Industry Innovation and Science Australia must not revoke a registration unless Industry Innovation and Science Australia:
 (a) by notice in writing given to the *entity, allows the entity at least 14 days after the notice is given in which to make written submissions to Industry Innovation and Science Australia about the matters specified in the notice that, in *Industry Innovation and Science Australia's opinion, may constitute grounds for revocation; and
 (b) considers any such submissions.

21‑30  Revocation on application
 (1) An *entity registered under this Part may apply in writing to *Industry Innovation and Science Australia to have its 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 the *entity.

Part 4—Determinations by Industry Innovation and Science Australia concerning certain investments

Division 25—Determinations by Industry Innovation and Science Australia concerning certain investments

Guide to Division 25

25‑1  What this Division is about
      Industry Innovation and Science Australia can make determinations having the effect of relaxing the requirements of paragraphs 118‑425(2)(b) and 118‑427(3)(c) of the Income Tax Assessment Act 1997.
Note 1: Paragraph 118‑425(2)(b) of the Income Tax Assessment Act 1997 is about how closely a company is connected with Australia. Paragraph 118‑427(3)(c) of that Act is about how closely a unit trust is connected with Australia. These paragraphs are one of the requirements that a company or unit trust must meet in order for investments in the company or unit trust to be eligible venture capital investments.
Note 2: The capital gains tax exemption under Subdivision 118‑F of that Act only applies in relation to eligible venture capital investments.

Table of sections

Operative provisions
25‑5 Industry Innovation and Science Australia may determine a shorter period
25‑10 Industry Innovation and Science Australia may determine that a requirement does