Lodgment of returns and statements for the year ended 30 June 2003 - Income Tax
LODGMENT OF VENTURE CAPITAL DEFICIT TAX LODGMENT OF VENTURE CAPITAL DEFICIT TAX RETURNS
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LODGMENT OF VENTURE CAPITAL DEFICIT TAX RETURNS
A Pooled Development Fund (PDF) for the purposes of the ITAA 1997, that has (or because of a refund of income tax, is taken to have) a deficit balance in the PDF’s venture capital sub-account at the end of its 2002-2003 income year, or immediately before the entity ceases to be a PDF during that year, is required to pay venture capital deficit tax and is required to lodge a venture capital deficit tax return for that year.
PDF’s which have a nil or credit balance in the venture capital sub-account at the close of the income year or immediately before they cease to be PDFs (and which are not taken to have a deficit at the relevant time by virtue of a refund of income tax) are not required to lodge a venture capital deficit tax return.
DATE OF LODGMENT OF VENTURE CAPITAL DEFICIT TAX RETURN
The venture capital deficit tax return must be lodged in the approved form by the last day of the month following the end of the income year. (This is also the date on which the venture capital deficit tax is payable.)
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