INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 12 - Records, information and tax agents  

SECTION 160ASC   COMPANY TO KEEP RECORDS  

160ASC(1)   [Application]  

Section 262A applies for the purposes of this Part as if:

(a) a reference to a person carrying on a business were a reference to a company;

(b) a reference to income and expenditure were a reference to matters relevant to ascertaining:

(i) the class A franking account balance; or

(ii) the class B franking account balance; or

(iii) the class C franking account balance; or

(iv) the venture capital sub-account balance;

and, if the company is a former exempting company, includes a reference to matters relevant to working out the class A exempting account balance or the class C exempting account balance; and

(c) (Omitted by No 20 of 1990)

(d) paragraph (5)(a) of that section were omitted.

160ASC(2)   [Pooled development funds]  

A PDF does not need to maintain records under this section in relation to a venture capital sub-account if the PDF does not establish a venture capital sub-account.