Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 5/20)
Character Range: 3699033–3701857

Relevant venture capital investors
 (2) The following entities are relevant venture capital investors:
 (a) the trustee of an entity that is a *complying superannuation entity in relation to the income year in which the *distribution is made and is not a *self managed superannuation fund;
 (d) a *life insurance company.

210‑175  Amount of the tax offset

Where the recipient is not a life insurance company
 (1) If the entity receiving the *distribution is not a *life insurance company, the *tax offset is equal to the *venture capital credit on the distribution.

Where the recipient is a life insurance company
 (2) If the entity receiving the *distribution is a *life insurance company, the *tax offset is worked out using the formula:
where:
complying superannuation class of taxable income means the *complying superannuation class of taxable income of the company for the income year in which the *distribution is made.
tax offset to which the entity would otherwise be entitled is the *tax offset that the company would be entitled to under subsection (1) if the entity were not a life insurance company.
total income is the company's assessable income for the income year.

210‑180  Application of Division 207 where the recipient is entitled to a tax offset under section 210‑170
  If the recipient of a *distribution *franked with a venture capital credit is entitled to a *tax offset under section 210‑170, Division 207 does not apply to that *part of the distribution that is venture capital franked.

Division 214—Administering the imputation system

Table of Subdivisions
 Guide to Division 214
214‑A Franking returns
214‑B Franking assessments
214‑C Amending franking assessments
214‑D Collection and recovery
214‑E Records

Guide to Division 214

Table of sections
214‑1 Purpose of the system
214‑5 Key features

214‑1  Purpose of the system
  These provisions:
 (a) allow the Commissioner to gather sufficient information to determine whether tax is payable by a corporate tax entity under the imputation system; and
 (b) provide for the Commissioner to assess the amount of tax that is payable; and
 (c) specify when the tax is payable; and
 (d) establish systems to support the assessment and collection of the tax.

214‑5  Key features
 (1) Initial information about a corporate tax entity's franking activities is provided by means of a return, called a franking return, given by the entity to the Commissioner.
 (2) The Commissioner is able to make a legislative instrument requiring corporate tax entities to give a franking return for an income year.
 (3) The Commissioner is also able to require a particular corporate tax entity to give a franking return for one or more income years. The Commissioner might do this, for example, if the Commissioner wishes to audit the corporate tax entity's