Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p11
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 11/13)
Character Range: 3677421–3680294

to the *franking credit on the distribution; or
 (b) allocate a venture capital credit to the distribution that either alone or when added to venture capital credits allocated to other distributions made under the resolution of the PDF under which the distribution in question is made, reduces the surplus to nil, or creates a *venture capital deficit.
 (2) A *venture capital debit arises for a *participating PDF when a *distribution is made if the PDF does not allocate a *venture capital credit in accordance with subsection (1). The amount of the debit is:
where:
actual franked amount is the amount of the *venture capital credit that is allocated to the *distribution by the PDF (this may be nil).
subsection (1) franked amount is the amount of the *venture capital credit that would have been allocated to the *distribution if the PDF had made the smallest allocation needed to satisfy subsection (1).

210‑81  Distributions to be franked with venture capital credits to the same extent
 (1) If a *PDF *franks a *distribution with a venture capital credit, it must frank each other distribution made under the same resolution with a venture capital credit worked out using the same venture capital percentage.
 (2) The venture capital percentage for a *distribution is worked out using the formula:

210‑82  Consequences of breaching the rule in section 210‑81
  If a *PDF *franks a *distribution with a venture capital credit in breach of section 210‑81:
 (a) the distribution is taken not to have been franked with a venture capital credit; and
 (b) each other distribution made under the same resolution is taken not to have been franked with a venture capital credit.

Subdivision 210‑G—Venture capital sub‑account

Guide to Subdivision 210‑G

210‑85  What this Subdivision is about

      This Subdivision:
         • creates a venture capital sub‑account for each PDF; and
         • identifies when venture capital credits and debits arise in the sub‑account and the amount of those credits and debits; and
         • identifies when there is a venture capital surplus or deficit in the sub‑account; and
         • creates a liability to pay venture capital deficit tax if the account is in deficit at certain times.

Table of sections
210‑90 The venture capital sub‑account
210‑95 Venture capital deficit tax

Operative provisions
210‑100 Venture capital sub‑account
210‑105 Venture capital credits
210‑110 Determining the extent to which a franking credit is reasonably attributable to a particular payment of tax
210‑115 Participating PDF may elect to have venture capital credits arise on its assessment day
210‑120 Venture capital debits
210‑125 Venture capital debit where CGT limit is exceeded
210‑130 Venture capital surplus and deficit
210‑135 Venture capital deficit tax
210‑140 Effect of a liability to pay venture capital deficit tax on franking