Income Tax Assessment Act 1997
An entity is a franking entity at a particular time if:
(a) it is a *corporate tax entity at that time; and
(b) it is not a *life insurance company that is a *mutual insurance company at that time; and
(c) in a case where the entity is a company that is a trustee of a trust - it is not acting in its capacity as trustee of the trust at that time.
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