INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997
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 ).
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.
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
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