Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 210.90

The venture capital sub - account

  (1)   Each PDF has a venture capital sub - account in its franking account. The sub - account exists even if the PDF does not elect to become a participating PDF by keeping a record of it.

  (2)   To the extent that income tax is reasonably attributable to capital gains from venture capital investments, it generates a venture capital credit in the sub - account. There are other circumstances in which a venture capital credit arises.

  (3)   If a PDF receives a refund of that tax, a venture capital debit will arise for the PDF. There are other circumstances in which a venture capital debit will arise, such as on the payment of a distribution franked with a venture capital credit.


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