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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 210.15

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

             (1)  This section applies to PDFs whose 2001-02 franking year ends before 20 June 2002 under former Part IIIAA of the Income Tax Assessment 1936 (the 1936 Act ).

             (2)  If, but for this subsection, the PDF would have a venture capital surplus under former Part IIIAA of the 1936 Act at the end of 30 June 2002 (the original surplus ):

                     (a)  a venture capital debit equal to the original surplus is taken to arise for the PDF under former Part IIIAA of the 1936 Act at the end of 30 June 2002; 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 (the 1997 Act ) for the PDF.

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

                  

             (4)  If, but for this subsection, the PDF would have a venture capital deficit under former Part IIIAA of the 1936 Act at the end of 30 June 2002 (the original deficit ):

                     (a)  a venture capital credit equal to the original deficit is taken to arise for the PDF under former Part IIIAA of the 1936 Act at the end of 30 June 2002; and

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

             (5)  The amount of the venture capital debit is worked out using the formula:

                  

Table of sections

214-1        Application

214-5        Entity must give a franking return

214-10      Notice to a specific corporate tax entity

214-15      Effect of a refund on franking returns

214-20      Franking returns for the income year

214-25      Commissioner may make a franking assessment

214-30      Commissioner taken to have made a franking assessment on first return

214-35      Amendments within 3 years of the original assessment

214-40      Amended assessments are treated as franking assessments

214-45      Further return as a result of a refund affecting a franking deficit tax liability

214-50      Later amendments--on request

214-55      Later amendments--failure to make proper disclosure

214-60      Later amendments--fraud or evasion

214-65      Further amendment of an amended particular

214-70      Other later amendments

214-75      Amendment on review etc.

214-80      Notice of amendments

214-85      Validity of assessment

214-90      Objections

214-95      Evidence

214-100    Due date for payment of franking tax

214-105    General interest charge

214-110    Refunds of amounts overpaid

214-120    Record keeping

214-125    Power of Commissioner to obtain information

214-135    Interpretation



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