To whom do the franking account rules apply?

The imputation provisions introduce the concept of a 'corporate tax entity' and a 'franking entity'. The franking account rules apply to all corporate tax entities rather than only to franking entities.

Corporate tax entities are companies, corporate unit trusts, public trading trusts and corporate limited partnerships. Franking entities are corporate tax entities that are not mutual life insurance companies.

    Last modified: 17 Dec 2015QC 16621