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 210-120  

210-120   Venture capital debits  

The table sets out when a debit arises in the * venture capital sub-account of a * PDF. A debit in a PDF ' s venture capital sub-account is called a venture capital debit .

Debits in the venture capital sub-account
Item	If:	A debit of:	Arises on:
1	the * PDF makes a * distribution * franked with a venture capital credit	the amount of the * venture capital credit	the day on which the distribution is made
2	the * PDF receives a * franking debit as a result of * receiving a refund of income tax; and all or part of the refund is attributable to a * payment of a PAYG instalment or a payment of income tax that gave rise to a * venture capital credit of the PDF	that part of the refund that is attributable to a payment of a PAYG instalment or a payment of income tax that gave rise to a venture capital credit of the PDF	the day on which the franking debit arises; or if the venture capital credit did not arise until a later day - that later day
3	a * venture capital debit arises for the * PDF under subsection 210-80(2)	the amount of the venture capital debit arising under that subsection	the day on which the * distribution giving rise to the venture capital debit is made
4	the Commissioner makes a determination under paragraph 204-30(3)(a) giving rise to a * franking debit for the * PDF (streaming distributions); and the * imputation benefit underlying the determination is a * tax offset under section 210-170	the amount of the tax offset	on the day on which the franking debit arises
5	a * venture capital debit arises for the * PDF under section 210-125 because its net venture capital credits for an income year exceed certain limits	the amount of the excess	the last day of the income year