Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 214.175

Record keeping

             (1)  Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if:

                     (a)  the reference in that section to a person carrying on a business were a reference to a * corporate tax entity; and

                     (b)  the reference in paragraph (2)(a) of that section to the person's income and expenditure were a reference to:

                              (i)  the entity's * franking account balance; and

                             (ii)  the entity's liability to pay * franking tax; and

                     (c)  paragraph (5)(a) of that section were omitted.

             (2)  A * PDF does not need to maintain records under section 262A of the Income Tax Assessment Act 1936 in relation to a * venture capital sub-account if the * PDF does not elect to be a * participating PDF.



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