Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 976.15

    The part of a distribution that is franked with a venture capital credit is worked out using the formula:

where:

"applicable gross-up rate" means the * corporate tax gross - up rate of the entity making the distribution for the income year in which the distribution is made.

Table of sections

CGT assets

977 - 5   Realisation event

977 - 10   Loss realised for income tax purposes

977 - 15   Gain realised for income tax purposes

Trading stock

977 - 20   Realisation event

977 - 25   Disposal of trading stock: loss realised for income tax purposes

977 - 30   Ending of an income year: loss realised for income tax purposes

977 - 35   Disposal of trading stock: gain realised for income tax purposes

977 - 40   Ending of an income year: gain realised for income tax purposes

Revenue assets

977 - 50   Meaning of revenue asset

977 - 55   Loss or gain realised for income tax purposes