Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 203 - Benchmark rule  

Operative provisions  

SECTION 203-35   Franking percentage  

203-35(1)  
Subject to subsection (2), the franking percentage for a *frankable distribution is worked out using the formula:

*Franking credit allocated to the *frankable distribution *Maximum franking credit for the distribution

×

100

203-35(2)  
If the *franking percentage for a *frankable distribution would exceed 100% if it were worked out under subsection (1), it is taken to be 100%.