INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 210 - Venture capital franking  

SECTION 210-10   Converting the venture capital sub-account balance to a tax paid basis - PDFs whose 2001-02 franking year ends on 30 June 2002  

210-10(1)  


This section applies to PDFs whose 2001-02 franking year ends on 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 (the 1936 Act ).

210-10(2)  


If the PDF has a venture capital surplus under former Part IIIAA of the 1936 Act at the end of 30 June 2002:


(a) no venture capital credit arose under former section 160ASEE of that Act because of the surplus; and


(b) a venture capital credit arises on 1 July 2002 in the venture capital sub-account established under section 210-100 of the Income Tax Assessment Act 1997 for the PDF.

210-10(3)  
The amount of the venture capital credit is worked out using the following formula:


Amount of the venture capital
surplus at the end of 30 June 2002
under the 1936 Act
× 30
70


 

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