Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

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History

Part 3-6 inserted by No 48 of 2002.

Division 210 - Venture capital franking  

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Div 210 inserted by No 16 of 2003.

SECTION 210-10   Converting the venture capital sub-account balance to a tax paid basis - PDFs whose 2001-02 franking year ends on 30 June 2002  

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210-10(1)    

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This section applies to PDFs whose 2001-02 franking year ends on 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 (the 1936 Act ).

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S 210-10(1) amended by No 101 of 2006 , s 3 and Sch 2 item 883, by amending a reference to a repealed inoperative provision, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

210-10(2)    

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If the PDF has a venture capital surplus under former Part IIIAA of the 1936 Act at the end of 30 June 2002:

(a) no venture capital credit arose under former section 160ASEE of that Act because of the surplus; and

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(b) a venture capital credit arises on 1 July 2002 in the venture capital sub-account established under section 210-100 of the Income Tax Assessment Act 1997 for the PDF.

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History

S 210-10(2) amended by No 101 of 2006 , s 3 and Sch 2 items 883 and 884, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

210-10(3)    
The amount of the venture capital credit is worked out using the following formula:

Amount of the venture capital surplus at the end of 30 June 2002 under the 1936 Act

×

30 70

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History

S 210-10 inserted by No 16 of 2003.

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