INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history note[ CCH Note: Note that s 160ASEA is the first section of Div 13, and appears out of alphabetical order.]
(a) has taken liability reduction action in relation to a payment of tax for which a venture capital credit arises under subsection 160ASED(1) ; or
(b) has paid a company tax instalment for which a venture capital credit arises under subsection 160ASED(1) ;
the PDF may lodge an application with the Commissioner for:
(c) the determination of an estimated venture capital debit in relation to the liability reduction action or the company tax instalment; or
(d) the determination of such an estimated venture capital debit in substitution for an earlier determination. 160ASEK(2) [Relation to refund]
An estimated venture capital debit in relation to a company tax instalment must relate to the refund of that instalment under section 221AZL or 221AZQ .
160ASEK(3) [How to apply](a) be made before the termination time; and
(b) be in the approved form; and
(c) specify the amount of the estimated venture capital debit applied for. 160ASEK(4) [Commisioner]
(a) may determine an estimated venture capital debit not greater than the amount specified in the application; and
(b) must serve notice of any such determination on the PDF. 160ASEK(5) [22nd day after application day]
(a) a PDF lodges an application with the Commissioner on a particular day (the application day ); and
(b) at the end of the 21st day after the application day, the Commissioner has neither:
(i) served notice of an estimated venture capital debit determination on the PDF; nor
(ii) refused to make an estimated venture capital debit determination;
the Commissioner is taken, on the 22nd day after the application day, to have:
(c) determined an estimated venture capital debit in accordance with the application; and
(d) served notice of the determination on the PDF. 160ASEK(6) [Notice]
A notice of an estimated venture capital debit determination has no effect if it is served after the termination time.
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