Income Tax Assessment Act 1997
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Hide history noteSECTION 210-135 Venture capital deficit tax 210-135(1)
While recognising that an entity may anticipate *venture capital credits when *franking *distributions, the object of this section is to prevent those credits from being anticipated indefinitely by requiring the entity to reconcile its *venture capital sub-account at certain times and levying tax if the account is in *deficit.
210-135(2)
An entity is liable to pay *venture capital deficit tax imposed by the New Business Tax System (Venture Capital Deficit Tax) Act 2003 if its *venture capital sub-account is in *deficit at the end of an income year.
210-135(3)
An entity is liable to pay *venture capital deficit tax imposed by the New Business Tax System (Venture Capital Deficit Tax) Act 2003 if:
(a) it ceases to be a *PDF; and
(b) immediately before it ceases to be a PDF, its *venture capital sub-account is in *deficit.
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