Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-32 - CO-OPERATIVES AND MUTUAL ENTITIES  

Division 316 - Demutualisation of friendly society health or life insurers  

Subdivision 316-F - Non-CGT consequences of the demutualisation  

Guide to Subdivision 316-F

SECTION 316-265   Franking debits to negate franking credits from some distributions to friendly society and subsidiaries  

316-265(1)    
This section applies if a * franking credit arises in the * franking account of the * friendly society or a * wholly-owned subsidiary of the society because a * distribution declared before the demutualisation resolution day identified under subsection 316-70(4) is made to the society or subsidiary on or after that day.

316-265(2)    
A * franking debit arises in that account.

316-265(3)    
The amount of the * franking debit equals the amount of the * franking credit.

316-265(4)    
The * franking debit arises at the same time as the * franking credit arises.