Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3
Character Range: 3684719–3686933

3                                           the *PDF incurs a liability to pay *venture capital deficit tax                                                                        the amount of the liability                                                        immediately after the liability is incurred

210‑110  Determining the extent to which a franking credit is reasonably attributable to a particular payment of tax
  In determining the extent to which a *franking credit is reasonably attributable to a *CGT event in relation to a *qualifying SME investment of the *PDF, have regard to:
 (a) the extent to which the credit can reasonably be attributed to the *payment of a PAYG instalment or the payment of income tax by the PDF in relation to its *section 124ZZB SME assessable income for an income year; and
 (b) the extent to which the section 124ZZB SME assessable income can reasonably be attributed to the CGT event.

210‑115  Participating PDF may elect to have venture capital credits arise on its assessment day
 (1) Before a *PDF's assessment day for an income year, the PDF may elect to have the *venture capital credits that arise because of the *payment of PAYG instalments and income tax during that income year arise on the assessment day.
 (2) The *PDF's assessment day for an income year is the earlier of:
 (a) the day on which the PDF furnishes its *income tax return for the income year; or
 (b) the day on which the Commissioner makes an assessment of the amount of the PDF's taxable income for that year under section 166 of the Income Tax Assessment Act 1936.

210‑120  Venture capital debits
  The table sets out when a debit arises in the *venture capital sub‑account of a *PDF. A debit in a PDF's venture capital sub‑account is called a venture capital debit.

Debits in the venture capital sub‑account
Item                                       If:                                                                                                                                                             A debit of:                                                                                                                                                      Arises on: