Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The object of this section is to ensure that an entity does not avoid * venture capital deficit tax by deferring the time at which a * venture capital debit occurs.
(2) An entity is taken to have * received a refund of income tax for an income year immediately before the end of that year for the purposes of subsection 210 - 135(2) if:
(a) the refund is paid within 3 months after the end of that year; and
(b) the entity's * venture capital sub - account would have been in * deficit, or in deficit to a greater extent, at the end of the previous income year if the refund had been received in the previous income year.
(3) If an entity ceases to be a * PDF during an income year, it is taken to have * received a refund of income tax immediately before it ceased to be a PDF for the purposes of subsection 210 - 135(3) if:
(a) the refund is attributable to a period in the year during which the entity was a PDF; and
(b) the refund is paid within 3 months after the entity ceases to be a PDF; and
(c) the * venture capital sub - account of the entity would have been in * deficit, or in deficit to a greater extent, immediately before it ceased to be a PDF if the refund had been received before it ceased to be a PDF.