NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2000 (REPEALED)
If the deficit does not exceed 10% of the PDF's total venture capital credits arising during the franking year, the amount of tax is worked out using the formula:
where:
company tax rate
means the applicable general company tax rate.
venture capital sub-account deficit
means the amount of the deficit in the venture capital sub-account.
If the deficit exceeds 10% of the PDF's total venture capital credits arising during the franking year, the amount of tax is worked out using the formula:
where:
company tax rate
means the applicable general company tax rate.
venture capital sub-account deficit
means the amount of the deficit in the venture capital sub-account.
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