Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe table sets out when a credit arises in the * venture capital sub - account of a * PDF. A credit in a PDF's venture capital sub - account is called a venture capital credit .
Credits in the venture capital sub - account | |||
Item | If: | A credit of: | Arises on: |
1 | the * PDF has a * franking credit because it has * paid a PAYG instalment; and the whole or part of the instalment is reasonably attributable to a * CGT event in relation to a * qualifying SME investment of the PDF | that part of the franking credit that is reasonably attributable to the CGT event | the day on which the franking credit arises; or if the PDF elects to have the * venture capital credit arise on the assessment day under section 210 - 115--on that day |
2 | the * PDF has a * franking credit because it has * paid income tax; and the whole or part of the payment is reasonably attributable to a * CGT event in relation to a * qualifying SME investment of the PDF | that part of the franking credit that is reasonably attributable to the CGT event | the day on which the franking credit arises; or if the PDF elects to have the * venture capital credit arise on the assessment day under section 210 - 115--on that day |
3 | the * PDF incurs a liability to pay * venture capital deficit tax | the amount of the liability | immediately after the liability is incurred |