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 208
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Exempting entities and former exempting entities
Subdivision 208-F
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Exempting accounts and franking accounts of exempting entities and former exempting entities
Operative provisions
SECTION 208-125 Exempting surplus and deficit 208-125(1)
An entity ' s * exempting account is in surplus at a particular time if, at that time, the sum of the * exempting credits in the account exceeds the sum of the * exempting debits in the account. The amount of the exempting surplus is the amount of the excess.
208-125(2)
An entity ' s * exempting account is in deficit at a particular time if, at that time, the sum of the * exempting debits in the account exceeds the sum of the * exempting credits in the account. The amount of the exempting deficit is the amount of the excess.
View history note
Hide history noteSECTION 208-125 Exempting surplus and deficit 208-125(1)
An entity ' s * exempting account is in surplus at a particular time if, at that time, the sum of the * exempting credits in the account exceeds the sum of the * exempting debits in the account. The amount of the exempting surplus is the amount of the excess.
208-125(2)
An entity ' s * exempting account is in deficit at a particular time if, at that time, the sum of the * exempting debits in the account exceeds the sum of the * exempting credits in the account. The amount of the exempting deficit is the amount of the excess.