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 210-145   Effect of a liability to pay venture capital deficit tax on the franking account  

210-145(1)    
If an entity incurs a liability to pay *venture capital deficit tax, a *franking credit arises for the entity immediately after the liability arises (the relevant day ).

210-145(2)    
The amount of the *franking credit is equal to:

(a) if no liability to pay *franking deficit tax arises on the relevant day - the amount of the *venture capital deficit tax; or

(b) if a liability to pay franking deficit tax also arises on the relevant day - the amount of the venture capital deficit tax reduced by the amount of the franking deficit tax.