Document ID: chunk:federal_register_of_legislation:C2004A00986:clause:1_12
Version: federal_register_of_legislation:C2004A00986
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 36566–38835

12                                                          a venture capital debit of a PDF arises under this Part and the amount of the debit reflects an applicable general company tax rate of 36%         (a) a venture capital credit of the PDF arises at that time equal to the amount of the venture capital debit; and
                                                                                                                                                                                                               (b) a venture capital debit also arises at that time equal to the amount worked out using the formula:

 (2) For the purposes of items 5, 6, 7 and 8 of the table in subsection (1), the amount of a credit or debit reflects an applicable general company tax rate of 34% if:
 (a) the applicable general company tax rate used to calculate the amount of the debit or credit is 34%; or
 (b) the debit arises under subsection 160AQC(3) or section 160ASEI and the amount specified in the application for the estimated debit concerned is based on a 34% general company tax rate; or
 (c) the credit or debit is equal to the amount of an earlier debit or credit and the earlier debit or credit reflected an applicable general company tax rate of 34%.

Note 1: Paragraph (a)—the applicable general company tax rate will always be involved in the calculation of a credit or debit if an "adjusted amount" is used in the calculation.

Note 2: Paragraph (c) covers provisions such as sections 160APV, 160APVB, 160AQCA and 160AQCCB.

 (3) For the purposes of items 9, 10, 11 and 12 of the table in subsection (1), the amount of a credit or debit reflects an applicable general company tax rate of 36% if:
 (a) the applicable general company tax rate used to calculate the amount of the debit or credit is 36%; or
 (b) the credit or debit is equal to the amount of an earlier debit or credit and the earlier debit or credit reflected an applicable general company tax rate of 36%.

Note 1: Paragraph (a)—the applicable general company tax rate will always be involved in the calculation of a credit or debit if an "adjusted amount" is used in the calculation.

Note 2: Paragraph (b) covers provisions such as sections 160APV, 160APVB, 160AQCA and 160AQCCB.