Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.