Document ID: chunk:federal_register_of_legislation:C2018A00124:clause:3_3
Version: federal_register_of_legislation:C2018A00124
Segment Type: clause
Provision Reference: sch 3 cl 3
Character Range: 11426–12938

3  After section 118‑430
Insert:

118‑432  Findings of substantially novel applications of technology

Public findings
 (1) *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) *Innovation and Science Australia may, on application by a company or unit trust, make a written decision:
 (a) finding that a specified activity is a substantially novel application of one or more technologies; or
 (b) refusing to make such a finding about a specified activity.
Note: A refusal to make a finding is reviewable (see Part 5 of the Venture Capital Act 2002).

Period for which a finding is in force
 (3) Subject to variation or revocation, a finding under subsection (1) or paragraph (2)(a) is in force for the period specified in the finding.
Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.

Applications for private findings
 (4) An application for a finding under paragraph (2)(a) must be in the *form approved by Innovation and Science Australia.
 (5) *Innovation and Science Australia must notify the applicant in writing of any decision under subsection (2) about the application.
 (6) A failure to comply with subsection (5) does not affect the validity of a finding or decision.