INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history note[ CCH Note: Note that s 160ASEA is the first section of Div 13, and appears out of alphabetical order.]
(a) pays dividends under a resolution under which the dividends are to be paid to all shareholders in the PDF; and
(b) makes a declaration under subsection 160AQF(1AAA) in relation to the dividends; and
(c) has a surplus in its venture capital sub-account immediately before it makes the declaration;
the PDF must make a declaration under section 160ASEL so that:
(d) the dividend is venture capital franked to the same extent to which it is class C franked; or
(e) there is a nil surplus, or a deficit, in the sub-account immediately after the declaration is made. 160ASEM(2) [Amount of debit]
A venture capital debit of the PDF arises when a dividend is paid if the PDF does not venture capital frank the dividend to the extent required by subsection (1). The amount of the debit is:
| Subsection (1) franked amount − Actual franked amount |
where:
actual franked amount
is the venture capital franked amount of the dividend.
subsection (1) franked amount
is the amount that would have been the venture capital franked amount of the dividend if it had been franked in accordance with subsection (1).
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