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INCOME TAX ASSESSMENT ACT 1997 - SECT 210.120

Venture capital debits

                   The table sets out when a debit arises in the * venture capital sub-account of a * PDF. A debit in a PDF's venture capital sub-account is called a venture capital debit .

 

Debits in the venture capital sub-account

Item

If:

A debit of:

Arises on:

1

the * PDF makes a * distribution * franked with a venture capital credit

the amount of the * venture capital credit

the day on which the distribution is made

 

2

the * PDF receives a * franking debit as a result of * receiving a refund of income tax; and

all or part of the refund is attributable to a * payment of a PAYG instalment or a payment of income tax that gave rise to a * venture capital credit of the PDF

that part of the refund that is attributable to a payment of a PAYG instalment or a payment of income tax that gave rise to a venture capital credit of the PDF

the day on which the franking debit arises; or

if the venture capital credit did not arise until a later day--that later day

3

a * venture capital debit arises for the * PDF under subsection 210-80(2)

the amount of the venture capital debit arising under that subsection

the day on which the * distribution giving rise to the venture capital debit is made

4

the Commissioner makes a determination under paragraph 204-30(3)(a) giving rise to a * franking debit for the * PDF (streaming distributions); and

the * imputation benefit underlying the determination is a * tax offset under section 210-170

the amount of the tax offset

on the day on which the franking debit arises

5

a * venture capital debit arises for the * PDF under section 210- 125 because its net venture capital credits for an income year exceed certain limits

the amount of the excess

the last day of the income year



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