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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:

    Start formula Amount of the venture capital surplus at the end of 30 June 2002 under the 1936 Act times start fraction 30 over 70 end fraction end formula


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