Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 976 - Imputation  

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History

Div 976 inserted by No 16 of 2003.

SECTION 976-15  

976-15   The part of a distribution that is franked with a venture capital credit  

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The part of a distribution that is franked with a venture capital credit is worked out using the formula:

*Venture capital credit on the distribution

×

Applicable gross-up rate

where:

applicable gross-up rate
means the *corporate tax gross-up rate of the entity making the distribution for the income year in which the distribution is made.

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Definition of " applicable gross-up rate " inserted by No 41 of 2017, s 3 and Sch 4 item 25, applicable to the 2016-17 income year and later income years.

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History

S 976-15 amended by No 41 of 2017, s 3 and Sch 4 item 24, by substituting the formula, applicable to the 2016-17 income year and later income years. The formula formerly read:

*Venture capital credit on the distribution

×

*Corporate tax gross-up rate

S 976-15 amended by No 66 of 2015, s 3 and Sch 1 item 26, by substituting the formula, applicable to assessments for years of income starting on or after 1 July 2015. The formula formerly read:

	*Venture capital credit on the distribution	×	1 − *Corporate tax rate
			Corporate tax rate

S 976-15 inserted by No 16 of 2003.

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