Income Tax Assessment Act 1997
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Hide history noteSECTION 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.
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