Income year greater than 12 months
If the entity, other than a private company, has an income year of more than 12 months then it will have three franking periods.
The first franking period is the first six months beginning at the start of the entity's income year. The second is the next six months beginning immediately after the first franking period and the third franking period is the remainder of the income year.
Example: Three franking periods in income year
PAR Ltd, a public company, has 13 months in a particular income year due to a transition from a standard balancer to a 31 July late balancer.
For that income year, PAR Ltd has 3 franking periods; the first franking period is from 1 July to 31 December; the second franking period is from 1 January to 30 June and the third is from 1 July to 31 July.
End of example