New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 27   Venture capital franking

Income Tax Assessment Act 1997

13   Subsection 995-1(1) (definition of surplus )

Repeal the definition, substitute:

surplus :

(a) section 205-40 sets out when a *franking account is in surplus; and

(b) section 208-125 sets out when an *exempting account is in surplus; and

(c) section 210-130 sets out when a *venture capital sub-account is in surplus.