Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 10E - PDFs (pooled development funds)  

Subdivision B - The taxable income of PDFs  

SECTION 124ZTA   TAXABLE INCOME IN FIRST YEAR AS PDF IF PDF COMPONENT IS NIL  

124ZTA(1)   [Application from 1997/98 year]  

This section applies if:

(a) a company becomes a PDF during a year of income and is still a PDF at the end of the year of income; and

(b) the PDF component for the year of income is a nil amount; and

(c) the year of income is the 1997-98 year of income or a later one.

124ZTA(2)   [Alignment of notional year and company's year of income]  

The company's taxable income of the year of income is the amount that, if the period (the notional year ) beginning at the start of the year of income and ending immediately before the company becomes a PDF were a year of income of the company, would be the company's taxable income of the notional year.