Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 214-175 Record keeping 214-175(1)
Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if:
(a) the reference in that section to a person carrying on a business were a reference to a *corporate tax entity; and
(b) the reference in paragraph (2)(a) of that section to the person's income and expenditure were a reference to:
(i) the entity's *franking account balance; and
(ii) the entity's liability to pay *franking tax; and
(c) paragraph (5)(a) of that section were omitted.
214-175(2)
A *PDF does not need to maintain records under section 262A of the Income Tax Assessment Act 1936 in relation to a *venture capital sub-account if the *PDF does not elect to be a *participating PDF.
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