INCOME TAX ASSESSMENT ACT 1997
In many cases, income from demutualisation is assessed through the CGT provisions rather than as ordinary income or other statutory income.
Franking debits arise for the friendly society and its subsidiaries to ensure they do not enjoy a franking surplus. Franking debits and credits arise to negate credits and debits from things attributable to the time before demutualisation.
|TABLE OF SECTIONS|
|316-255||General taxation consequences of issue of demutualisation assets etc.|
|316-260||Franking debits to stop the friendly society and its subsidiaries having franking surpluses|
|316-265||Franking debits to negate franking credits from some distributions to friendly society and subsidiaries|
|316-270||Franking debits to negate franking credits from post-demutualisation payments of pre-demutualisation tax|
|316-275||Franking credits to negate franking debits from refunds of tax paid before demutualisation|