Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 210 - Venture capital franking  

Subdivision 210-G - Venture capital sub-account  

Operative provisions

SECTION 210-130   Venture capital surplus and deficit  

210-130(1)    
A *PDF's *venture capital sub-account is in surplus at a particular time if, at that time, the sum of the *venture capital credits in the account exceeds the sum of the *venture capital debits in the account. The amount of the venture capital surplus is the amount of the excess.

210-130(2)    
A *PDF's *venture capital sub-account is in deficit at a particular time if, at that time, the sum of the *venture capital debits in the account exceeds the sum of the *venture capital credits in the account. The amount of the venture capital deficit is the amount of the excess.

210-130(3)    
A *PDF's *venture capital sub-account may be in *deficit even though its *franking account as a whole is in *surplus. Similarly, a PDF's venture capital sub-account may be in surplus even though its franking account as a whole is in deficit.