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  • Section B - Franking deficit tax and over-franking tax



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    Credits that arose in your franking account

    Show at label A the total franking credits that arose in the franking account for the period to which this franking account tax return relates. This amount is the total of all franking credits that arose in the franking account during the income year (or the 12 month period ending on 30 June for certain late balancing corporate tax entities).

    The amount at label A should reflect a 'tax paid' basis. As a result of the introduction of the simplified imputation system on 1 July 2002 all corporate tax entities are required to maintain a franking account that reflects a 'tax paid' basis. Consequently, the former class C franking account balance, which reflected a 'taxed income' basis, had to be converted on 1 July 2002. For more information on how to convert the class C franking account balance refer to the following two fact sheets:

    Last modified: 02 Oct 2019QC 17477