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.