Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

Subdivision 214-E - Records  

Operative provisions

SECTION 214-175   Record keeping  

214-175(1)    
Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if:

(a) the reference in that section to a person carrying on a business were a reference to a *corporate tax entity; and

(b) the reference in paragraph (2)(a) of that section to the person's income and expenditure were a reference to:

(i) the entity's *franking account balance; and

(ii) the entity's liability to pay *franking tax; and

(c) paragraph (5)(a) of that section were omitted.

214-175(2)    
A *PDF does not need to maintain records under section 262A of the Income Tax Assessment Act 1936 in relation to a *venture capital sub-account if the *PDF does not elect to be a *participating PDF.