Document ID: chunk:federal_register_of_legislation:C2010C00617:clause:5_160ased:p2
Version: federal_register_of_legislation:C2010C00617
Segment Type: clause
Provision Reference: sch 5 cl 160ASED (pt 2/2)
Character Range: 76608–78409

extent to which it is reasonably attributable to a reduction amount in relation to a venture capital credit of the PDF.

Note: Venture capital debits also arise under:

(a) section 160ASEG (declaration is made attaching venture capital credits to a dividend); and

(b) section 160ASEI (estimated venture capital debit determinations); and

(c) subsection 160ASEM(2) (failure to empty the sub‑account in certain circumstances); and

(d) section 160AQCBA (streaming venture capital franking rebate benefits) (see section 160ASEJ); and

(e) section 160ASEH (PDF's total venture capital credits for the franking year exceeding the PDF's CGT limit for the relevant year of income).

 (7) A reduction amount in relation to a venture capital credit of the PDF is:
 (a) an amount received as a refund of a payment of tax; or
 (b) an amount, in respect of a credit under paragraph 221AZM(1)(b) or (c), applied by the Commissioner against a liability of the PDF; or
 (c) an amount applied by the Commissioner against a liability of the PDF; or
 (d) a reduction mentioned in section 160APZ;
to the extent to which the amount or reduction is attributable to a payment of tax that gives rise to a venture capital credit of the PDF.

 (8) Subject to subsection (9), the venture capital debit arises at the same time as the relevant class C franking debit arises.

 (9) If the venture capital credit referred to in subsection (7) does not arise until after the relevant class C franking debit arises, the venture capital debit arises when the venture capital credit arises.

Note: This subsection deals with the situation in which the PDF elects under subsection (4) to have its venture capital credits arise on its assessment day. It brings the related intervening venture capital debits to account on the same day.