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New Business Tax System (Venture Capital Deficit Tax) Bill 2002
First Reading
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2002 
The Parliament of the
Commonwealth of Australia 
HOUSE OF REPRESENTATIVES 

 
Presented and read a first time 

 

 

New Business Tax System (Venture Capital Deficit Tax) Bill 2002 
No. , 2002 
(Treasury) 

A Bill for an Act to impose a tax in respect of venture capital sub-account deficits of pooled development funds, and for related purposes
 
Contents 
 
A Bill for an Act to impose a tax in respect of venture capital sub-account deficits of pooled development funds, and for related purposes
The Parliament of Australia enacts:
1 Short title
              This Act may be cited as the New Business Tax System (Venture Capital Deficit Tax) Act 2002.
2 Commencement
      (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table. 
Commencement information	
Column 1	Column 2	Column 3	
Provision(s)	Commencement	Date/Details	
1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table	The day on which this Act receives the Royal Assent	 	
2. Sections 3 to 5	At the same time as Schedule 27 to the New Business Tax System (Consolidation and Other Measures) Act (No. 2) 2002	 	
Note: This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.
      (2) Column 3 of the table is for additional information that is not part of this Act. This information may be included in any published version of this Act.
3 Definitions
              In this Act:
entity has the same meaning as in the Income Tax Assessment Act 1997.
income year has the same meaning as in the Income Tax Assessment Act 1997.
PDF has the same meaning as in the Income Tax Assessment Act 1997.
venture capital deficit has the same meaning as in the Income Tax Assessment Act 1997.
venture capital deficit tax means venture capital deficit tax payable under section 210-135 of the Income Tax Assessment Act 1997.
4 Imposition of tax
              Venture capital deficit tax is imposed.
5 Amount of tax
              The amount of venture capital deficit tax is equal to:
      (a) in a case where an entity is liable to pay venture capital deficit tax because the entity has a venture capital deficit at the end of an income yearthe amount of the entitys venture capital deficit at the end of the income year; and
      (b) in a case where an entity is liable to pay venture capital deficit tax because the entity has a venture capital deficit immediately before it ceases to be a PDFthe amount of the entitys venture capital deficit immediately before it ceases to be a PDF.
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