Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p4
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 4/7)
Character Range: 1699107–1702155

under section 360‑5 or are to be withdrawn; and
 (b) the manner in which the Commissioner is to give oral advice under that section.

Division 361—Non‑ruling advice and general administrative practice

Table of sections
361‑5 Non‑ruling advice and general administrative practice

361‑5  Non‑ruling advice and general administrative practice
 (1) You are not liable to pay the *general interest charge or the *shortfall interest charge under a relevant provision to the extent that the charge would relate to a *shortfall amount or a *scheme shortfall amount that was caused by:
 (a) you reasonably relying in good faith on:
 (i) advice (other than a ruling) given to you or your *agent by the Commissioner; or
 (ii) a statement in a publication approved in writing by the Commissioner;
  unless the advice, or the statement or publication, is labelled as non‑binding; or
 (b) you reasonably relying in good faith on the Commissioner's general administrative practice.
Note: Section 357‑55 specifies the relevant provisions.
 (2) However, subsection (1) does not apply to any *general interest charge accruing more than 21 days after the Commissioner notifies you of the correct position.

Division 362—Rulings by Industry Innovation and Science Australia that activities are not ineligible activities

Guide to Division 362

362‑1  What this Division is about
      Industry Innovation and Science Australia may make public rulings and private rulings expressing its view on whether activities are not ineligible activities for the purposes of applying capital gains tax provisions to venture capital investments.
Note: An entity's involvement in ineligible activities can affect whether an investment is an eligible venture capital investment for the purpose of accessing a capital gains tax exemption under Subdivision 118‑F of the Income Tax Assessment Act 1997.

Table of sections

Public rulings by Industry Innovation and Science Australia
362‑5 Industry Innovation and Science Australia may make public rulings on a specified class of activities
362‑10 Application of public rulings
362‑15 When a public ruling ceases to apply
362‑20 Withdrawing public rulings

Private rulings by Industry Innovation and Science Australia
362‑25 Industry Innovation and Science Australia may make private rulings on a specified activity
362‑30 Applying for a private ruling
362‑35 Industry Innovation and Science Australia must give notice of its decision
362‑40 Private rulings must contain certain details
362‑45 Application of private rulings
362‑50 Delays in making private rulings
362‑55 When a private ruling ceases to apply
362‑60 Withdrawing private rulings

General provisions
362‑65 When rulings are binding on the Commissioner and Industry Innovation and Science Australia
362‑70 Application of common rules under Subdivision 357‑B
362‑75 Application of Divisions 358 and 359

Public rulings by Industry Innovation and Science Australia

362‑5  Industry Innovation and Science Australia may make public rulings on a specified class of activities