INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 210 - Venture capital franking  

Subdivision 210-H - Effect of receiving a distribution franked with a venture capital credit  

Operative provisions

SECTION 210-175   Amount of the tax offset  

Where the recipient is not a life insurance company

210-175(1)  
If the entity receiving the *distribution is not a *life insurance company, the *tax offset is equal to the *venture capital credit on the distribution. Where the recipient is a life insurance company

210-175(2)  


If the entity receiving the *distribution is a *life insurance company, the *tax offset is worked out using the formula:


Tax offset to which
the entity would otherwise
be entitled
× *Complying superannuation
      class   of taxable income            
Total income

where:

complying superannuation class of taxable income
means the *complying superannuation class of taxable income of the company for the income year in which the *distribution is made.

complying superannuation/FHSA class of taxable income
(Repealed by No 70 of 2015)

tax offset to which the entity would otherwise be entitled
is the *tax offset that the company would be entitled to under subsection (1) if the entity were not a life insurance company.

total income
is the company ' s assessable income for the income year.


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