INCOME TAX ASSESSMENT ACT 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-6
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THE IMPUTATION SYSTEM
There is a franking account for each entity that is, or has at any time been, a *corporate tax entity.
Division 205
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Franking accounts, franking deficit tax liabilities and the related tax offset
Operative provisions
SECTION 205-10
205-10
Each entity that is or has been a corporate tax entity has a franking account
There is a franking account for each entity that is, or has at any time been, a *corporate tax entity.
Note:
The balance in the franking account on 1 July 2002 will either be nil or, if the entity had a franking surplus or deficit immediately before 1 July 2002 under the imputation scheme existing at that time, an amount calculated under the Income Tax (Transitional Provisions) Act 1997 .
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