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 210-105   210-105   Venture capital credits  


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


Credits in the venture capital sub-account
Item If: A credit of: Arises on:
1 the *PDF has a *franking credit because it has *paid a PAYG instalment; and

the whole or part of the instalment is reasonably attributable to a *CGT event in relation to a *qualifying SME investment of the PDF
that part of the franking credit that is reasonably attributable to the CGT event the day on which the franking credit arises; or

if the PDF elects to have the *venture capital credit arise on the assessment day under section 210-115 - on that day
2 the *PDF has a *franking credit because it has *paid income tax; and

the whole or part of the payment is reasonably attributable to a *CGT event in relation to a *qualifying SME investment of the PDF
that part of the franking credit that is reasonably attributable to the CGT event the day on which the franking credit arises; or

if the PDF elects to have the *venture capital credit arise on the assessment day under section 210-115 - on that day
3 the *PDF incurs a liability to pay *venture capital deficit tax the amount of the liability immediately after the liability is incurred


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