NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2003 NO. 17, 2003 

NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2003 NO. 17, 2003 
- TABLE OF PROVISIONS

1.   Short title   
2.   Commencement   
3.   Definitions   
4.   Imposition of tax   
5.   Amount of tax   

NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2003 NO. 17, 2003
- LONG TITLE
[GRAPHIC]

New Business Tax System (Venture Capital Deficit Tax) Act
2003

No. 17, 2003

An Act to impose a tax in respect of venture capital
sub-account deficits of pooled development funds, and for related
purposes
  
  
  

NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2003 No. 17, 2003
- SECT 1   Short title 

 
        This Act may be cited as the New Business Tax System (Venture Capital
Deficit Tax) Act 2003.

NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2003 No. 17, 2003
- SECT 2   Commencement 

 
(1)  Each provision of this Act specified in column 1 of the table commences,
or is taken to have commenced, on the day or at the time specified in column 2
of the table.

Commencement
information

Column
1

Column
2

Column
3

Provision(s)

Commencement

Date/Details

1.
 Sections 1 and 2 and anything in this Act not elsewhere covered by this
table

The
day on which this Act receives the Royal Assent

11 April
2003

2.
 Sections 3 to 5

At
the same time as Schedule 27 to the New Business Tax System
(Consolidation and Other Measures) Act (No. 2) 2003

Note:    This table relates only to the provisions of this Act as
originally passed by the Parliament and assented to. It will not be expanded to
deal with provisions inserted in this Act after assent.

(2)  Column 3 of the table is for additional information that is not part of
this Act. This information may be included in any published version of this Act.

NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2003 No. 17, 2003
- SECT 3   Definitions 

 
        In this Act:

"entity "has the same meaning as in the Income Tax Assessment
Act 1997.

"income year "has the same meaning as in the Income Tax
Assessment Act 1997.

"PDF "has the same meaning as in the Income Tax Assessment Act
1997.

"venture capital deficit "has the same meaning as in the Income
Tax Assessment Act 1997.

"venture capital deficit tax "means venture capital deficit tax
payable under section 210-135 of the Income Tax Assessment Act 1997.

NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2003 No. 17, 2003
- SECT 4   Imposition of tax 

 
        Venture capital deficit tax is imposed.

NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2003 No. 17, 2003
- SECT 5   Amount of tax 

 
        The amount of venture capital deficit tax is equal to:

    (a)    in a case where an entity is liable to pay venture capital deficit tax
because the entity has a venture capital deficit at the end of an income
year--the amount of the entity's venture capital deficit at the end of the
income year; and
    (b)    in a case where an entity is liable to pay venture capital deficit tax
because the entity has a venture capital deficit immediately before it ceases
to be a PDF--the amount of the entity's venture capital deficit immediately
before it ceases to be a PDF.

NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2003 NO. 17, 2003
- NOTES
Compilation Information

[GRAPHIC]
New Business Tax System (Venture Capital Deficit Tax) Act 2003
No. 17, 2003
An Act to impose a tax in respect of venture capital sub-account deficits
of pooled development funds, and for related purposes
[Assented to 11 April 2003]
The Parliament of Australia enacts:

NEW BUSINESS TAX SYSTEM (VENTURE CAPITAL DEFICIT TAX) ACT 2003 NO. 17, 2003
- NOTES
Note
[Minister's second reading speech made in--
House of Representatives on 12 December 2002
Senate on 3 March 2003]
(288/02)