INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-32 - CO-OPERATIVES AND MUTUAL ENTITIES  

Division 316 - Demutualisation of friendly society health or life insurers  

Subdivision 316-F - Non-CGT consequences of the demutualisation  

Guide to Subdivision 316-F

SECTION 316-265   Franking debits to negate franking credits from some distributions to friendly society and subsidiaries  

316-265(1)  
This section applies if a *franking credit arises in the *franking account of the *friendly society or a *wholly-owned subsidiary of the society because a *distribution declared before the demutualisation resolution day identified under subsection 316-70(4) is made to the society or subsidiary on or after that day.

316-265(2)  
A *franking debit arises in that account.

316-265(3)  
The amount of the *franking debit equals the amount of the *franking credit.

316-265(4)  
The *franking debit arises at the same time as the *franking credit arises.


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