Income year more than 12 months

If the corporate tax entity (that is not a private company) has an income year of more than 12 months then it will have 3 franking periods. The first franking period is the first 6 months beginning at the start of the entity's income year and the second is the next 6 months beginning immediately after the first franking period and the third franking period is the remainder of the income year.

Example 6: Franking period for non-private company (where income year is more than 12 months)
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.

    Last modified: 28 Jul 2016QC 16620