Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:27_3:p4
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 27 cl 3 (pt 4/6)
Character Range: 363443–366316

the allocation of venture capital credits

Guide to Subdivision 210‑F

210‑75  What this Subdivision is about

      If a PDF has a venture capital surplus when it makes a distribution frankable with venture capital credits, it must frank the distribution with venture capital credits.

Table of sections

Operative provisions

210‑80 Draining the venture capital surplus when a distribution frankable with venture capital credits is made
210‑81 Distributions to be franked with venture capital credits to the same extent
210‑82 Consequences of breaching the rule in section 210‑81

[This is the end of the Guide.]

Operative provisions

210‑80  Draining the venture capital surplus when a distribution frankable with venture capital credits is made

 (1) If a *participating PDF would otherwise have a *venture capital surplus at the time a *distribution that is *frankable with a venture capital credit is made, the PDF must either:
 (a) allocate a *venture capital credit to the distribution that is equal 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