INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 2 - Franking surplus or deficit  

Subdivision BB - Franking credits of life assurance companies where relevant year of income is later than 1999-2000  

SECTION 160APVP   CREDIT FOR PDF WHEN IT PAYS VENTURE CAPITAL DEFICIT TAX  

160APVP(1)   [Amount of credit]  

There arises, on the day on which a PDF pays venture capital deficit tax for a franking year, a class C franking credit equal to the adjusted amount in relation to:

(a) the amount paid; or

(b) if the amount paid was calculated under subsection 5(2) of the Venture Capital Deficit Tax Act - the amount worked out using the formula:

Amount paid   ×

100 130

160APVP(2)   [Any reduction]  

The credit under subsection (1) is reduced by the amount (if any) of the class C franking deficit at the end of the franking year.