Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 210.1

    The venture capital sub - account of a PDF under former Part   IIIAA of the Income Tax Assessment Act 1936 (the old sub - account ) is closed off at the end of 30   June 2002 and an opening balance is created in the PDF's venture capital sub - account under section   210 - 100 of the Income Tax Assessment Act 1997 as follows:

  (a)   any estimated venture capital debits in the old sub - account at the end of 30   June 2002 are washed out of the account under section   210 - 5; and

  (b)   then:

  (i)   in the case of a PDF whose 2001 - 02 franking year ends on 30   June 2002 under former Part   IIIAA of the Income Tax Assessment Act 1936 --the PDF's venture capital sub - account balance is converted under section   210 - 10 to a tax paid basis; and

  (ii)   in the case of a PDF whose 2001 - 02 franking year ends before 30   June 2002 under former Part   IIIAA of the Income Tax Assessment Act 1936 --the PDF's venture capital sub - account balance is converted under section   210 - 15 to a tax paid basis.