New Business Tax System (Venture Capital Deficit Tax) Act 2003

No. 17, 2003 as amended

Compilation start date:                     28 June 2013

Includes amendments up to:            Act No. 88, 2013

About this compilation

The compiled Act

This is a compilation of the New Business Tax System (Venture Capital Deficit Tax) Act 2003 as amended and in force on 28 June 2013. It includes any amendment affecting the compiled Act to that date.

This compilation was prepared on 19 August 2013.

The notes at the end of this compilation (the endnotes) include information about amending Acts and instruments and the amendment history of each amended provision.

Uncommenced provisions and amendments

If a provision of the compiled Act is affected by an uncommenced amendment, the text of the uncommenced amendment is set out in the endnotes.

Application, saving and transitional provisions for amendments

If the operation of an amendment is affected by an application, saving or transitional provision, the provision is identified in the endnotes.

Modifications

If a provision of the compiled Act is affected by a textual modification that is in force, the text of the modifying provision is set out in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled Act has expired or otherwise ceased to have effect in accordance with a provision of the Act, details of the provision are set out in the endnotes.

Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Definitions.......................................................................................... 1

4............ Imposition of tax................................................................................. 2

5............ Amount of tax..................................................................................... 2

Endnotes                                                                                                                                      3

Endnote 1—Legislation history                                                                               3

Endnote 2—Amendment history                                                                             4

Endnote 3—Uncommenced amendments [none]                                            5

Endnote 4—Misdescribed amendments [none]                                               6

An Act to impose a tax in respect of venture capital sub‑account deficits of pooled development funds, and for related purposes

1  Short title

                   This Act may be cited as the New Business Tax System (Venture Capital Deficit Tax) Act 2003.

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.

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 year—the amount of the entity’s 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 PDF—the amount of the entity’s venture capital deficit immediately before it ceases to be a PDF.

Endnotes

Endnote 1—Legislation history

This endnote sets out details of the legislation history of the New Business Tax System (Venture Capital Deficit Tax) Act 2003.

Endnote 2—Amendment history

This endnote sets out the amendment history of the New Business Tax System (Venture Capital Deficit Tax) Act 2003.

Endnote 3—Uncommenced amendments [none]

There are no uncommenced amendments.

Endnote 4—Misdescribed amendments [none]

There are no misdescribed amendments.