Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 210.145

  (1)   If an entity incurs a liability to pay * venture capital deficit tax, a * franking credit arises for the entity immediately after the liability arises (the relevant day ).

  (2)   The amount of the * franking credit is equal to:

  (a)   if no liability to pay * franking deficit tax arises on the relevant day--the amount of the * venture capital deficit tax; or

  (b)   if a liability to pay franking deficit tax also arises on the relevant day--the amount of the venture capital deficit tax reduced by the amount of the franking deficit tax.