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

The New Business Tax System (Venture Capital Deficit Tax) Act 2003 is a compilation of the Act as amended and in force on 28 June 2013. The Act imposes a tax on venture capital sub-account deficits of pooled development funds and provides related provisions.

Key Points

The tax is imposed on venture capital deficits at the end of an income year or when a entity ceases to be a Pooled Development Fund (PDF).
The amount of tax is equal to the venture capital deficit at the end of the income year or immediately before ceasing to be a PDF.
The Act commenced partially on 29 June 2002 and fully on 11 April 2003.
The Act has been amended by the Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013, which received Royal Assent on 28 June 2013.

Endnotes

The compilation includes four endnotes: Legislation History, Amendment History, Uncommenced Amendments, and Misdescribed Amendments. These endnotes provide additional information on the legislative history, amendments, and any uncommenced or misdescribed amendments to the Act.