Income Tax Assessment Act 1997



Division 205 - Franking accounts, franking deficit tax liabilities and the related tax offset  

SECTION 205-1   What this Division is about  

This Division:

  • · creates a franking account for each entity that is, or has been, a corporate tax entity; and
  • · identifies when franking credits and debits arise in those accounts and the amount of those credits and debits; and
  • · identifies when there is a franking surplus or deficit in the account; and
  • · creates a liability to pay franking deficit tax if the account is in deficit at certain times; and
  • · creates a tax offset for that liability.


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