Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-6
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THE IMPUTATION SYSTEM
Division 205
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Franking accounts, franking deficit tax liabilities and the related tax offset
Operative provisions
SECTION 205-40
Franking surplus and deficit
205-40(1)
An entity ' s * franking account is in surplus at a particular time if, at that time, the sum of the * franking credits in the account exceeds the sum of the * franking debits in the account. The amount of the franking surplus is the amount of the excess.
205-40(2)
An entity ' s * franking account is in deficit at a particular time if, at that time, the sum of the * franking debits in the account exceeds the sum of the * franking credits in the account. The amount of the franking deficit is the amount of the excess.
View history note
Hide history noteAn entity ' s * franking account is in surplus at a particular time if, at that time, the sum of the * franking credits in the account exceeds the sum of the * franking debits in the account. The amount of the franking surplus is the amount of the excess.
205-40(2)
An entity ' s * franking account is in deficit at a particular time if, at that time, the sum of the * franking debits in the account exceeds the sum of the * franking credits in the account. The amount of the franking deficit is the amount of the excess.