Taxation Laws Amendment Act (No. 8) 2003 (107 of 2003)

Schedule 7   Tax offset arising from franking deficit tax liability

Part 1   Amendment of the Income Tax Assessment Act 1997

2   Section 205-1

Omit:

• creates a liability to pay franking deficit tax if the account is in deficit at certain times.

substitute:

• creates a liability to pay franking deficit tax if the account is in deficit at certain times; and

• creates a tax offset for that liability.