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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 210.10

Converting the venture capital sub-account balance to a tax paid basis--PDFs whose 2001-02 franking year ends on 30 June 2002

             (1)  This section applies to PDFs whose 2001-02 franking year ends on 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 (the 1936 Act ).

             (2)  If the PDF has a venture capital surplus under former Part IIIAA of the 1936 Act at the end of 30 June 2002:

                     (a)  no venture capital credit arose under former section 160ASEE of that Act because of the surplus; and

                     (b)  a venture capital credit arises on 1 July 2002 in the venture capital sub-account established under section 210-100 of the Income Tax Assessment Act 1997 for the PDF.

             (3)  The amount of the venture capital credit is worked out using the following formula:

                  



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