Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p6
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 6/7)
Character Range: 1704433–1707382

Private rulings by Industry Innovation and Science Australia

362‑25  Industry Innovation and Science Australia may make private rulings on a specified activity
 (1) *Industry Innovation and Science Australia may, on application, make a ruling that Industry Innovation and Science Australia considers that a specified activity:
 (a) is not an ineligible activity for the purposes of subsections 118‑425(13) and 118‑427(14) of the Income Tax Assessment Act 1997; or
 (b) in specified circumstances, is not such an ineligible activity;
if Industry Innovation and Science Australia is satisfied that the activity is not such an ineligible activity, or is not in those circumstances such an ineligible activity, as the case requires.
Note: An activity will not be an ineligible activity for the purposes of subsections 118‑425(13) and 118‑427(14) of the Income Tax Assessment Act 1997 if, for example, it is covered by subsections 118‑425(13A) and 118‑427(14A) of that Act.
 (2) Such a ruling is a private ruling.
Note: Decisions making such a ruling, and decisions refusing to make such a ruling, are reviewable under Part 5 of the Venture Capital Act 2002.
 (3) In considering whether to make a *private ruling under this Division, *Industry Innovation and Science Australia must apply any principles made under subsection (4).
 (4) *Industry Innovation and Science Australia may, by legislative instrument, make principles about making *private rulings under this Division.
 (5) A failure to comply with subsection (3) does not affect the validity of the ruling.

362‑30  Applying for a private ruling
  A *general partner of a *limited partnership registered as a *VCLP, an *ESVCLP or an *AFOF may, in the *form approved by *Industry Innovation and Science Australia, apply to Industry Innovation and Science Australia for a *private ruling under this Division.

362‑35  Industry Innovation and Science Australia must give notice of its decision
 (1) If *Industry Innovation and Science Australia makes a *private ruling under this Division, Industry Innovation and Science Australia must notify the *general partner, and the Commissioner, as soon as practicable after the ruling is made.
 (2) If *Industry Innovation and Science Australia refuses to make a *private ruling under this Division, Industry Innovation and Science Australia must:
 (a) notify the *general partner as soon as practicable after the refusal; and
 (b) provide reasons for the refusal.

362‑40  Private rulings must contain certain details
 (1) A *private ruling under this Division must state that it is a private ruling.
 (2) A *private ruling under this Division must identify the entity to whom it applies and specify the activity to which it relates.
Note: Industry Innovation and Science Australia must tell the applicant which assumptions Industry Innovation and Science Australia made in making the ruling: see section 357‑110.

362‑45  Application of private rulings