Document ID: chunk:federal_register_of_legislation:C2010C00617:clause:3_8
Version: federal_register_of_legislation:C2010C00617
Segment Type: clause
Provision Reference: sch 3 cl 8
Character Range: 47416–49426

8                                                           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 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 arises in relation to an estimated debit determination and the determination is made on the basis of:
 (i) action seeking a reduction in an amount of company tax for a year of income for which the general company tax rate is 36%; or
 (ii) a payment of an initial payment of tax or a company tax instalment in relation to a year of income for which the general company tax rate is 36%; or
 (c) the debit arises under subsection 160AQC(3) or section 160ASEI and the amount specified in the application for the estimated debit concerned is taken to be based on a 36% general company tax rate under section 160ATI; or
 (d) 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 (d) covers provisions such as sections 160APV, 160APVB, 160APVF, 160AQCA, 160AQCCB and 160AQCM.