Income Tax Assessment Act 1997

This Subdivision:

• creates an exempting account for each former exempting entity; and

• identifies when exempting credits and debits arise in those accounts and the amount of those credits and debits; and

• identifies when there is an exempting surplus or deficit in the account; and

• identifies when franking credits and debits arise in the franking account of an entity because it is an exempting entity, or former exempting entity.