Document ID: chunk:federal_register_of_legislation:C2010C00617:clause:5_160asec
Version: federal_register_of_legislation:C2010C00617
Segment Type: clause
Provision Reference: sch 5 cl 160ASEC
Character Range: 72449–74240

160ASEC  Ascertainment of surplus or deficit

 (1) The surplus in a PDF's venture capital sub‑account at a particular time in a franking year is the excess calculated using the formula:
where:

venture capital credits at that time has the meaning given by subsection (4).

venture capital debits at that time has the meaning given by subsection (4).

 (2) The deficit in a PDF's venture capital sub‑account at a particular time in a franking year is the excess calculated using the formula:
where:

venture capital credits at that time has the meaning given by subsection (4).

venture capital debits at that time has the meaning given by subsection (4).

 (3) The venture capital sub‑account may be in deficit even though the class C franking account as a whole is in surplus. Similarly, the venture capital sub‑account may be in surplus even though the class C franking account as a whole is in deficit.

Note: This can happen because:

(a) only amounts coming from particular sources can be credited or debited to the venture capital sub‑account; and

(b) the PDF may anticipate future venture capital credits to a greater or lesser extent than it anticipates future class C franking credits generally; and

(c) the venture capital credits and debits do not necessarily arise at the same time as the relevant class C franking credits and debits (see subsections 160ASED(4) and (9)).

 (4) In this section:

venture capital credits at a particular time in a franking year is the total of the PDF's venture capital credits arising in the franking year and before that time.

venture capital debits at a particular time in a franking year is the total of the PDF's venture capital debits arising in the franking year and before that time.

Subdivision C—Venture capital credits and debits