Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 210-120 210-120 Venture capital debits
The table sets out when a debit arises in the *venture capital sub-account of a *PDF. A debit in a PDF ' s venture capital sub-account is called a venture capital debit .
| Debits in the venture capital sub-account | |||
| Item | If: | A debit of: | Arises on: |
| 1 | the *PDF makes a *distribution *franked with a venture capital credit | the amount of the *venture capital credit | the day on which the distribution is made |
| 2 | the *PDF receives a *franking debit as a result of *receiving a refund of income tax; and
all or part of the refund is attributable to a *payment of a PAYG instalment or a payment of income tax that gave rise to a *venture capital credit of the PDF |
that part of the refund that is attributable to a payment of a PAYG instalment or a payment of income tax that gave rise to a venture capital credit of the PDF | the day on which the franking debit arises; or
if the venture capital credit did not arise until a later day - that later day |
| 3 | a *venture capital debit arises for the *PDF under subsection 210-80(2) | the amount of the venture capital debit arising under that subsection | the day on which the *distribution giving rise to the venture capital debit is made |
| 4 | the Commissioner makes a determination under paragraph 204-30(3)(a) giving rise to a *franking debit for the *PDF (streaming distributions); and
the *imputation benefit underlying the determination is a *tax offset under section 210-170 |
the amount of the tax offset | on the day on which the franking debit arises |
| 5 | a *venture capital debit arises for the *PDF under section 210-125 because its net venture capital credits for an income year exceed certain limits | the amount of the excess | the last day of the income year |
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