Document ID: chunk:federal_register_of_legislation:C2010C00617:clause:5_160asek
Version: federal_register_of_legislation:C2010C00617
Segment Type: clause
Provision Reference: sch 5 cl 160ASEK
Character Range: 83141–85091

160ASEK  Determination of estimated venture capital debit

 (1) If a PDF:
 (a) has taken liability reduction action in relation to a payment of tax for which a venture capital credit arises under subsection 160ASED(1); or
 (b) has paid a company tax instalment for which a venture capital credit arises under subsection 160ASED(1);
the PDF may lodge an application with the Commissioner for:
 (c) the determination of an estimated venture capital debit in relation to the liability reduction action or the company tax instalment; or
 (d) the determination of such an estimated venture capital debit in substitution for an earlier determination.

 (2) An estimated venture capital debit in relation to a company tax instalment must relate to the refund of that instalment under section 221AZL or 221AZQ.

 (3) The application must:
 (a) be made before the termination time; and
 (b) be in the approved form; and
 (c) specify the amount of the estimated venture capital debit applied for.

 (4) The Commissioner:
 (a) may determine an estimated venture capital debit not greater than the amount specified in the application; and
 (b) must serve notice of any such determination on the PDF.

 (5) If:
 (a) a PDF lodges an application with the Commissioner on a particular day (the application day); and
 (b) at the end of the 21st day after the application day, the Commissioner has neither:
 (i)  served notice of an estimated venture capital debit determination on the PDF; nor
 (ii) refused to make an estimated venture capital debit determination;
the Commissioner is taken, on the 22nd day after the application day, to have:
 (c) determined an estimated venture capital debit in accordance with the application; and
 (d) served notice of the determination on the PDF.

 (6) A notice of an estimated venture capital debit determination has no effect if it is served after the termination time.

Subdivision E—Venture capital franking declaration