INCOME TAX ASSESSMENT ACT 1997 - SECT 210.140 Effect of a liability to pay venture capital deficit tax on franking deficit tax
INCOME TAX ASSESSMENT ACT 1997 - SECT 210.140
Effect of a liability to pay venture capital deficit tax on franking deficit tax(1) If an entity is liable to pay * venture capital deficit tax under subsection 210 - 135(2) because its * venture capital sub - account is in * deficit at the end of an income year, the amount (if any) of * franking deficit tax that the entity would otherwise be liable to pay under subsection 205 - 45(2) because its * franking account is in * deficit at that time is reduced by the amount of the liability for venture capital deficit tax.
(2) If an entity is liable to pay * venture capital deficit tax
under subsection 210 - 135(3) because it ceases to be a * PDF during an
income year, the amount (if any) of * franking deficit tax that the entity
would otherwise be liable to pay under subsection 205 - 45(3) because
it ceases to be a * franking entity at that time is reduced by the amount of
the liability for * venture capital deficit tax.