New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002 (117 of 2002)

Schedule 18   Imputation system transitionals

Income Tax (Transitional Provisions) Act 1997

3   Paragraph 205-1(b)

Repeal the paragraph, substitute:

(b) then:

(i) in the case of a company whose 2001-02 franking year ends on 30 June 2002 under Part IIIAA of theIncome Tax Assessment Act 1936 - the company's franking account balances are converted under section 205-10 to a tax paid basis; and

(ii) in the case of a company whose 2001-02 franking year ends before 30 June 2002 under Part IIIAA of theIncome Tax Assessment Act 1936 - the company's franking account balances are converted under section 205-15 to a tax paid basis.