Document ID: chunk:federal_register_of_legislation:C2024C00617:body:0:p3
Version: federal_register_of_legislation:C2024C00617
Segment Type: other
Provision Reference: 
Character Range: 6879–9936

this Act are defined in the Dictionary, starting at section 995‑1, to the Income Tax Assessment Act 1997.
 (2) Most of the terms that are defined in that Dictionary are identified by an asterisk appearing at the start of the term: as in *Industry Innovation and Science Australia. The footnote with the asterisk contains a signpost to that Dictionary.
 (3) An asterisk usually identifies the first occurrence of a term in a section (if not divided into subsections), subsection or definition. Later occurrences of the term in the same provision are not usually asterisked.
 (4) Terms are not asterisked in headings, notes, examples, explanatory tables, guides, outline provisions or diagrams.
 (5) If a term is not identified by an asterisk, disregard that fact in deciding whether or not to apply to that term a definition or other interpretation provision.

Division 3—A guide to this Act

3‑1  What this Act is about
  This Act provides for some administrative measures that are needed for the operation of:
 (a) the capital gains tax exemption relating to venture capital under Subdivision 118‑F of the Income Tax Assessment Act 1997 (and the related provisions about similar income gains and losses); and
 (b) the "flow‑through" treatment, under Division 5 of Part III of the Income Tax Assessment Act 1936, of the income of limited partnerships that are used as vehicles for making venture capital investments.
Note: Industry Innovation and Science Australia is responsible for the operation of these measures. The Industry Research and Development Act 1986 provides for the establishment and operation of Industry Innovation and Science Australia.

3‑5  Registration of limited partnerships (Part 2)
  Part 2 provides for:
 (a) the registration requirements for venture capital limited partnerships, early stage venture capital limited partnerships and Australian venture capital funds of funds; and
 (b) applications for registration; and
 (c) registration of limited partnerships by Industry Innovation and Science Australia, including conditional registration; and
 (d) the obligations imposed on general partners of partnerships that are registered; and
 (e) revocation of registration.

3‑10  Registration of eligible venture capital investors (Part 3)
  Part 3 provides for registration of entities as eligible venture capital investors, their obligations while registered, and revocation of registration.

3‑15  Determinations by Industry Innovation and Science Australia concerning certain investments (Part 4)
  Part 4 provides for Industry Innovation and Science Australia to make determinations that are relevant to whether certain investments can be eligible venture capital investments.

3‑20  Review of decisions (Part 5)
  Part 5 provides for review of Industry Innovation and Science Australia's decisions under this Act.

3‑25  Miscellaneous (Part 6)
  Part 6 deals with miscellaneous matters.

Part 2—Registration of limited partnerships

Division 7—A guide to this Part

7‑1  What this Part is about

      Industry Innovation