INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 205 - Franking accounts  

SECTION 205-35   205-35   No franking deficit tax if franking account in deficit at the close of the 2001-02 income year of a late balancing entity  


If:


(a) an entity's 2001-02 income year ends after 30 June 2002; and


(b) its franking account is in deficit at the end of that income year;

the entity is not liable to pay franking deficit tax under subsection 205-45(2) of the Income Tax Assessment Act 1997 because the account is in deficit at that time.




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