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 % .