Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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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