INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 12A - Venture capital franking  

Subdivision D - Determination of estimated venture capital debit  

SECTION 160ASEK   DETERMINATION OF ESTIMATED VENTURE CAPITAL DEBIT  

160ASEK(1)   [Application for determination]  

If a PDF:

(a) has taken liability reduction action in relation to a payment of tax for which a venture capital credit arises under subsection 160ASED(1) ; or

(b) has paid a company tax instalment for which a venture capital credit arises under subsection 160ASED(1) ;

the PDF may lodge an application with the Commissioner for:

(c) the determination of an estimated venture capital debit in relation to the liability reduction action or the company tax instalment; or

(d) the determination of such an estimated venture capital debit in substitution for an earlier determination.

160ASEK(2)   [Relation to refund]  

An estimated venture capital debit in relation to a company tax instalment must relate to the refund of that instalment under section 221AZL or 221AZQ .

160ASEK(3)   [How to apply]  

The application must:

(a) be made before the termination time; and

(b) be in the approved form; and

(c) specify the amount of the estimated venture capital debit applied for.

160ASEK(4)   [Commisioner]  

The Commissioner:

(a) may determine an estimated venture capital debit not greater than the amount specified in the application; and

(b) must serve notice of any such determination on the PDF.

160ASEK(5)   [22nd day after application day]  

If:

(a) a PDF lodges an application with the Commissioner on a particular day (the application day ); and

(b) at the end of the 21st day after the application day, the Commissioner has neither:

(i) served notice of an estimated venture capital debit determination on the PDF; nor

(ii) refused to make an estimated venture capital debit determination;

the Commissioner is taken, on the 22nd day after the application day, to have:

(c) determined an estimated venture capital debit in accordance with the application; and

(d) served notice of the determination on the PDF.

160ASEK(6)   [Notice]  

A notice of an estimated venture capital debit determination has no effect if it is served after the termination time.