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.


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