Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 210 - Venture capital franking  

SECTION 210-1  

210-1   Order of events provision  

The venture capital sub-account of a PDF under former Part IIIAA of the Income Tax Assessment Act 1936 (the old sub-account ) is closed off at the end of 30 June 2002 and an opening balance is created in the PDF's venture capital sub-account under section 210-100 of the Income Tax Assessment Act 1997 as follows:

(a) any estimated venture capital debits in the old sub-account at the end of 30 June 2002 are washed out of the account under section 210-5 ; and

(b) then:

(i) in the case of a PDF whose 2001-02 franking year ends on 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 - the PDF's venture capital sub-account balance is converted under section 210-10 to a tax paid basis; and

(ii) in the case of a PDF whose 2001-02 franking year ends before 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 - the PDF's venture capital sub-account balance is converted under section 210-15 to a tax paid basis.