Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 210 - Venture capital franking  

Subdivision 210-G - Venture capital sub-account  

Operative provisions

SECTION 210-105  

210-105   Venture capital credits  

The table sets out when a credit arises in the *venture capital sub-account of a *PDF. A credit in a PDF's venture capital sub-account is called a venture capital credit .

Credits in the venture capital sub-account
Item	If:	A credit of:	Arises on:
1	the *PDF has a *franking credit because it has *paid a PAYG instalment; and the whole or part of the instalment is reasonably attributable to a *CGT event in relation to a *qualifying SME investment of the PDF	that part of the franking credit that is reasonably attributable to the CGT event	the day on which the franking credit arises; or if the PDF elects to have the *venture capital credit arise on the assessment day under section 210-115 - on that day
2	the *PDF has a *franking credit because it has *paid income tax; and the whole or part of the payment is reasonably attributable to a *CGT event in relation to a *qualifying SME investment of the PDF	that part of the franking credit that is reasonably attributable to the CGT event	the day on which the franking credit arises; or if the PDF elects to have the *venture capital credit arise on the assessment day under section 210-115 - on that day
3	the *PDF incurs a liability to pay *venture capital deficit tax	the amount of the liability	immediately after the liability is incurred