NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2000 (REPEALED)

SECTION 5 (Repealed by 101 of 2006)   AMOUNT OF TAX  

5(1)   [Calculation of tax - deficit up to 10% of total credits]  

If the deficit does not exceed 10% of the PDF's total venture capital credits arising during the franking year, the amount of tax is worked out using the formula:

where:

company tax rate
means the applicable general company tax rate.

venture capital sub-account deficit
means the amount of the deficit in the venture capital sub-account.

5(2)   [Calculation of tax - deficit more than 10% of total credits]  

If the deficit exceeds 10% of the PDF's total venture capital credits arising during the franking year, the amount of tax is worked out using the formula:

where:

company tax rate
means the applicable general company tax rate.

venture capital sub-account deficit
means the amount of the deficit in the venture capital sub-account.