Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

Subdivision 214-A - Franking returns  

Operative provisions

SECTION 214-30  

214-30   Franking account balance  

A * corporate tax entity's franking account balance at a particular time is:

(a) if the entity has a * franking surplus or a * franking deficit at that time - the amount of the surplus or deficit; or

(b) if the entity does not have a franking surplus or a franking deficit at that time - nil.