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


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