NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2000 (REPEALED)
Tax is imposed on a deficit in a PDF's venture capital sub-account at the end of a franking year.
Note:
See section 160AQJAA of the Income Tax Assessment Act 1936 .
4(2) [Refunds of income tax]For the purposes of this section, a refund of income tax in relation to a PDF's taxable income for a year of income that is received within 6 months after the end of the franking year that ends in or at the same time as the year of income is taken to be received on the last day of the franking year.
Note:
The operation of this subsection may create, or increase, a deficit in the PDF's venture capital sub-account on the last day of the franking year. This may make the PDF liable to, or increase its liability to, venture capital deficit tax.
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